News From the NYS Dept of Financial Services


Hello my friends.

Over the last 22 years we at ITI have worked to bring you education classes and news from our insurance industry to help you to keep up to date.  Adding this BLOG page to our website brings that one-step further.  Licensing issues are important and we will do our best to bring you information about changes that impact your business.  The most recent updates comes from the Department of Financial Services Licensing Bureau.

On Tuesday, December 11th, the NYSDFS released a memo announcing changes to Insurance Law Sections 2103 and 2014, licensing for Property Casualty Agents and Brokers.  This new change (S7634-A/A9527-A) allows individuals to complete their pre-licensing training online, instead of in a classroom setting.  The new Law took effect immediately.  We agree with the sponsors of this legislation that licensing will now be much easier to obtain for people in rural areas around New York.

Subject: New York State Department of Financial Services Insurance Licensing Education – PC prelicensing course

On Friday, December 7, New York governor Andrew Cuomo signed into law changes to Sections 2103 and 2104 that address prelicensing education requirements.

Effective immediately, those seeking to obtain a Property Casualty license must complete an approved course requiring a minimum of 90 hours of classroom instruction or the equivalent in correspondence work, or a course offered over the internet. Those seeking a Personal Lines license  must complete an approved course requiring a minimum of 40 hours of classroom instruction or the equivalent in correspondence work, or a course offered over the internet.

All courses must be approved by this Department before they can be offered to the public.  We are developing criteria to guide you in the development of online courses and will publish them in the very near future.  You must submit course approval applications to obtain approval.

Please email any questions or concerns to coned@dfs.ny.gov.  We are eager to work with you to make these courses available as soon as possible.

            New York State Department of Financial Services
            One Commerce Plaza, Albany, NY 12257

The other significant new law changes the date for all corporate license renewals to June 30th of “Odd Numbered Years”.  This law takes effect July 1, 2019.  This change will certainly help corporations with license management.

We should note here that another change for corporate sub-licensees was made law in 2017 that enables business entities to renew their licenses as long as the sub-licensees are current with their licenses.  Sub-licensees no longer need to complete their education to match their corporate renewal dates.

Thank you for reading and feel free to write a note and let me know your thoughts too.

Bob Secovnie
Robert@itiny.com

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