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These questions and answers are for consumers of financial products seeking answers regarding Licensing Questions. If you are a business, Industry or regulated entity, please check our industry questions.
Do I have to take the pre-licensing course? Am I exempt?
Sections 2103, 2104 and 2108 of the NYS Insurance Law require an individual who is seeking an agent, broker or public adjuster license to complete a pre-licensing course approved by the Superintendent of Insurance.
Applicants applying for a broker or public adjuster license under Sections 2104 or 2108 of the NYS Insurance Law are exempt from the pre-licensing course if they are able to complete a Statement of Employer form based on work experience.
An agent or broker applicant is exempt from the pre-licensing course if either of the following designations are held: Charter Property Casualty Underwriter (CPCU), Charter Life Underwriter (CLU) Chartered Life Underwriter Associate (CLUA), Charter Financial Consultant (ChFC), Masters of Science, Financial Services (MSFS).
When is Agent/Broker Continuing Education (CE) Required?
After your license has been renewed the first time, continuing education (CE) will always be required upon subsequent renewal or re-licensing applications. Credits must be accumulated during the renewal period, which begins with the effective date of the license. CE must be completed before processing the renewal or relicensing application.
In the case of relicensing, you may use credits accumulated in the previous renewal period, plus any completed up to the date that the re-licensing application is completed.
How many Continuing Education credits are required for Insurance Producers?
As a licensee you must complete 15 credits of Continuing Education (CE) during each two year licensing period.
All courses must be completed through a Provider Organization approved by the New York State Department of Financial Services. Courses are offered in either the classroom/speech/seminar method of instruction (indicated by and NYCR approval number) or the self-study (textbook or internet) method of instruction (indicated by an NYCS approval number).
You are allowed to take any course that is approved for your specific class of license.
Can an individual renew licenses after the renewal date?
No. An expired license can not be renewed. Once a license is expired, one will need to submit a re-licensing application. If the license has expired for less than two years, one may submit an on-line re-licensing application. If the license has expired for more than two years a paper application is required.
A separate renewal application must be completed for each license held.
What is a Temporary Insurance Producer license?
When a licensee dies, a temporary license can be issued to a spouse, next of kin or executor of estate.
An application for a temporary license is required along with a copy of the death certificate. If applicant is NOT the spouse, we will need letters of testamentary included with proof of executor of estate.
Entities can add a new sublicensee rather than apply for a temporary license if they have a qualified individual to be named as a sublicensee. If NOT a temporary license for an entity can be issued in the entity name.
Temporary licenses are issued in intervals of 90 days and can be issued for a period NO GREATER than 15 months from the date of death.
No LIFE business can be done with a temporary license.
Who is authorized to sell Long Term Care insurance in New York?
A New York licensed producer who has the accident/health line of authority on their agent license issued under Section 2103(a) of the Insurance Law (prefix of LA), or on their broker license issued under Section 2104 (b)(1)(A) of the Insurance Law (prefix of LB) or is licensed a broker under Section 2104(B) of the Insurance Law (prefix of BR) is authorized to sell long term care insurance in New York.
To sell partnership, please contact the Department of Health.