Bill Text: NY A00117 | 2017-2018 | General Assembly | Amended

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Bill Title: Exempts from certain provisions certain business entity licenses where it can be demonstrated that all sub-licensees have adequate continuing education credits to support their individual licenses in effect at the date of renewal.

Spectrum: Slight Partisan Bill (Democrat 4-2)

Status: (Passed) 2017-09-12 - signed chap.274 [A00117 Detail]

Download: New_York-2017-A00117-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                         117--A
                               2017-2018 Regular Sessions
                   IN ASSEMBLY
                                       (Prefiled)
                                     January 4, 2017
                                       ___________
        Introduced  by  M.  of  A.  CAHILL,  SKOUFIS,  DiPIETRO -- read once and
          referred to the Committee on Insurance -- committee  discharged,  bill
          amended,  ordered reprinted as amended and recommitted to said commit-
          tee
        AN ACT to amend the insurance law, in relation to  continuing  education
          for agents, brokers, and adjusters
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. Section 2132 of the insurance law is amended  by  adding  a
     2  new subsection (k) to read as follows:
     3    (k)(1)  For  any  biennial  licensing  period,  a firm, association or
     4  corporation that is a licensee subject to this section shall  be  deemed
     5  to  satisfy  the  continuing education requirements in this section with
     6  respect to that license provided that, as of the date  of  the  biennial
     7  renewal date of the licensee's license, every sub-licensee of the licen-
     8  see either:
     9    (i)  satisfies the continuing education requirements in subsection (c)
    10  of this section; or
    11    (ii) has an individual license under this article with the same  lines
    12  of authority for which the individual is a sublicensee of the licensee.
    13    (2)  The  superintendent  may  issue such rules and regulations as the
    14  superintendent  deems  necessary  to  implement  the   terms   of   this
    15  subsection.
    16    §  2.  This act shall take effect December 1, 2018, provided, however,
    17  that the superintendent of financial services shall promulgate any rules
    18  and regulations necessary for the  implementation  of  this  act  on  or
    19  before such effective date.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD01663-02-7