A trade group for New York insurance agents says it’s working with the state’s insurance department to develop a new system for licensing agents.
The Independent Insurance Agents & Brokers of New York, Inc. (IIABNY) its developing legislation to transition from New York’s current licensing system to a single producer license. The new licensing would abandon the multiple licenses for New York agents and brokers and adopt a system used in other states.
IIABNY said it first discussed the transition with the department during the previous legislative session and after a bill’s introduction at the department’s request. The legislation would have increased an insurance producer’s continuing education requirements from 15 to 24 credits and add other licensing lines of authority. The bill, which failed to pass during the 2008 session, would have brought New York in conformity with the majority of other states in adopting uniform licensing standards. Reintroduction of the legislation is likely during the current session.
Neal L. Sullivan, the trade association’s chair, believes that, “A change to a single producer license will greatly benefit insurance producers by eliminating the administrative burden and costs of maintaining and renewing multiple licenses.”
IIABNY was concerned the legislation did not include a change to a single producer license. In response to those concerns, the department said it would change its system to a single producer license when the transition to birth-date license renewals is completed. IIABNY’s recent discussions with state regulators centered on the inclusion of business entity licenses, as well as individual licenses, as part of the change to a single producer license and single renewal date. IIABNY says it will continue working with the Insurance Department to make the necessary statutory changes to accomplish this change.
Source: Independent Insurance Agents & Brokers of New York Inc.
Was this article valuable?
Here are more articles you may enjoy.