Bill Text: NY A06435 | 2011-2012 | General Assembly | Amended

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Bill Title: Relates to license terms for new applicants for certain insurance licenses.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2012-05-30 - substituted by s2704a [A06435 Detail]

Download: New_York-2011-A06435-Amended.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                        6435--A
                              2011-2012 Regular Sessions
                                 I N  A S S E M B L Y
                                    March 16, 2011
                                      ___________
       Introduced  by M. of A. MORELLE -- read once and referred to the Commit-
         tee on  Insurance  --  committee  discharged,  bill  amended,  ordered
         reprinted as amended and recommitted to said committee
       AN  ACT  to amend the insurance law, in relation to license terms of new
         applicants
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section  1.  Paragraph 3 of subsection j of section 2103 of the insur-
    2  ance law, as added by chapter 769 of the laws of  1984,  is  amended  to
    3  read as follows:
    4    (3)  [Such  licenses may be issued for all of such two year terms, or,
    5  upon application made during any such term, for the balance thereof]  IN
    6  THE  CASE OF A LICENSE ISSUED TO A NEW APPLICANT, THE SUPERINTENDENT MAY
    7  ISSUE A LICENSE FOR A TERM OF MORE THAN  TWO  YEARS,  PROVIDED  HOWEVER,
    8  SUCH TERM SHALL NOT EXCEED THIRTY MONTHS.
    9    S 2. Paragraph 1 of subsection g of section 2104 of the insurance law,
   10  as  amended by section 4 of part F of chapter 59 of the laws of 2005, is
   11  amended to read as follows:
   12    (1) Every insurance broker's license issued pursuant to  this  section
   13  to  a  business  entity shall be for a term expiring on the thirty-first
   14  day of October of even-numbered years. On and after January  first,  two
   15  thousand  seven,  every  license  issued  pursuant to this section to an
   16  individual, and every license in effect  prior  to  January  first,  two
   17  thousand  seven  that was issued pursuant to this section to an individ-
   18  ual, who was born in an odd numbered year, shall expire on the  individ-
   19  ual's  birthday  in  each odd numbered year. On and after January first,
   20  two thousand seven, every license issued pursuant to this section to  an
   21  individual,  and  every  license  in  effect prior to January first, two
   22  thousand seven that was issued pursuant to this section to  an  individ-
   23  ual, who was born in an even numbered year, shall expire on the individ-
   24  ual's  birthday  in  each  even numbered year. Every such license may be
   25  renewed for the ensuing period of twenty-four months upon the filing  of
   26  an  application  in  conformity  with  this  section.   IN THE CASE OF A
   27  LICENSE ISSUED TO A  NEW  APPLICANT,  THE  SUPERINTENDENT  MAY  ISSUE  A
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD08793-03-1
       A. 6435--A                          2
    1  LICENSE  FOR  A TERM OF MORE THAN TWO YEARS, PROVIDED HOWEVER, SUCH TERM
    2  SHALL NOT EXCEED THIRTY MONTHS.
    3    S  3.  Subsection (d) of section 2105 of the insurance law, as amended
    4  by section 5 of part F of chapter 59 of the laws of 2005, is amended  to
    5  read as follows:
    6    (d)  Every license issued pursuant to this section shall be for a term
    7  expiring with the expiration of the qualifying broker license and may be
    8  renewed for the ensuing period of twenty-four months upon the filing  of
    9  an  application  in  conformity  with subsection (b) of this section and
   10  paying the fee prescribed by subsection (c) of this  section.    IN  THE
   11  CASE  OF  A  LICENSE  ISSUED  TO A NEW APPLICANT, THE SUPERINTENDENT MAY
   12  ISSUE A LICENSE FOR A TERM OF MORE THAN  TWO  YEARS,  PROVIDED  HOWEVER,
   13  SUCH TERM SHALL NOT EXCEED THIRTY MONTHS.
   14    S  4.  Paragraph  1 of subsection (b) of section 2107 of the insurance
   15  law, as amended by section 8 of part F of chapter  59  of  the  laws  of
   16  2005, is amended to read as follows:
   17    (1)  Before  an  insurance  consultant's  license  shall  be issued or
   18  renewed the prospective licensee shall properly file in  the  office  of
   19  the  superintendent  an  application  therefor in such form or forms and
   20  supplements that the superintendent prescribes, and pay a fee  of  fifty
   21  dollars  for each year or fraction of a year in which a license shall be
   22  valid and pay an additional fee of fifty dollars for each year or  frac-
   23  tion  of a year in which a license shall be valid for each sub-licensee.
   24  Every consultant's license issued pursuant to this section to a business
   25  entity shall expire on the thirty-first day of March,  with  respect  to
   26  (A) life insurance in the odd year and (B) general insurance in the even
   27  year,  next following the date of issue. On and after January first, two
   28  thousand seven, every license issued pursuant  to  this  section  to  an
   29  individual  consultant,  and  every  license  in effect prior to January
   30  first two thousand seven that was issued pursuant to this section to  an
   31  individual  consultant,  who  was  born  in  an odd numbered year, shall
   32  expire on the individual's birthday in each odd numbered  year.  On  and
   33  after  January  first, two thousand seven, every license issued pursuant
   34  to this section to an individual consultant, and every license in effect
   35  prior to January first, two thousand seven that was issued  pursuant  to
   36  this  section  to  an  individual  consultant,  who  was born in an even
   37  numbered year, shall expire on the individual's birthday  in  each  even
   38  numbered  year.  Every  license  issued  pursuant to this section may be
   39  renewed for the ensuing period of twenty-four months upon the filing  of
   40  an  application  in  conformity with this subsection.   IN THE CASE OF A
   41  LICENSE ISSUED TO A  NEW  APPLICANT,  THE  SUPERINTENDENT  MAY  ISSUE  A
   42  LICENSE  FOR  A TERM OF MORE THAN TWO YEARS, PROVIDED HOWEVER, SUCH TERM
   43  SHALL NOT EXCEED THIRTY MONTHS.
   44    S 5. Paragraph 1 of subsection (j) of section 2108  of  the  insurance
   45  law,  as  amended by chapter 285 of the laws of 1993, is amended to read
   46  as follows:
   47    (1) Every adjuster's license issued pursuant to this section shall  be
   48  for a term expiring on the thirty-first day of December of even numbered
   49  years,  and  may  be renewed for the ensuing two calendar years upon the
   50  filing of an application in conformity with subsection (d) hereof.    IN
   51  THE  CASE OF A LICENSE ISSUED TO A NEW APPLICANT, THE SUPERINTENDENT MAY
   52  ISSUE A LICENSE FOR A TERM OF MORE THAN  TWO  YEARS,  PROVIDED  HOWEVER,
   53  SUCH TERM SHALL NOT EXCEED THIRTY MONTHS.
   54    S  6.  This  act shall take effect on the ninetieth day after it shall
   55  have become a law.