Bill Text: NY A07124 | 2019-2020 | General Assembly | Introduced
Bill Title: Relates to registration fees and continuing education requirements for license renewal.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Passed) 2019-08-29 - SIGNED CHAP.200 [A07124 Detail]
Download: New_York-2019-A07124-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 7124 2019-2020 Regular Sessions IN ASSEMBLY April 9, 2019 ___________ Introduced by M. of A. CAHILL -- read once and referred to the Committee on Insurance AN ACT to amend the insurance law and a chapter of the laws of 2018 amending the insurance law relating to business entity license renewal dates, as proposed in legislative bills numbers S. 6445-A and A. 8484-A, in relation to registration fees and continuing education requirements for license renewal The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Paragraph 2 of subsection (j) of section 2103 of the insur- 2 ance law, as amended by a chapter of the laws of 2018 amending the 3 insurance law relating to business entity license renewal dates, as 4 proposed in legislative bills numbers S. 6445-A and A. 8484-A, is 5 amended to read as follows: 6 (2) Every license issued to a business entity pursuant to subsection 7 (a) of this section shall expire on June thirtieth of odd numbered 8 years. Every license issued to a business entity pursuant to subsection 9 (b) of this section shall expire on June thirtieth of odd numbered 10 years. On and after January first, two thousand seven, every license 11 issued pursuant to this section to an individual, and every license in 12 effect prior to January first, two thousand seven that was issued pursu- 13 ant to this section to an individual, who was born in an odd numbered 14 year, shall expire on the individual's birthday in each odd numbered 15 year. On and after January first, two thousand seven, every license 16 issued pursuant to this section to an individual, and every license in 17 effect prior to January first, two thousand seven that was issued pursu- 18 ant to this section to an individual, who was born in an even numbered 19 year, shall expire on the individual's birthday in each even numbered 20 year. Every such license may be renewed for the ensuing period of twen- 21 ty-four months upon the filing of an application in conformity with this 22 subsection. The superintendent may issue such rules and regulations as EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD07040-01-9A. 7124 2 1 the superintendent deems necessary to implement the terms of this 2 subsection including regulations providing that, prior to July first, 3 two thousand twenty-three, the registration fees and continuing educa- 4 tion requirements for the renewal of any license issued to a business 5 entity pursuant to this subsection for a period that is more than twen- 6 ty-four months may be increased in proportion to the length of the peri- 7 od of licensure. 8 § 2. Paragraph 1 of subsection (g) of section 2104 of the insurance 9 law, as amended by a chapter of the laws of 2018 amending the insurance 10 law relating to business entity license renewal dates, as proposed in 11 legislative bills numbers S. 6445-A and A. 8484-A, is amended to read as 12 follows: 13 (1) Every insurance broker's license issued pursuant to this section 14 to a business entity shall be for a term expiring on the thirtieth day 15 of June of odd-numbered years. On and after January first, two thousand 16 seven, every license issued pursuant to this section to an individual, 17 and every license in effect prior to January first, two thousand seven 18 that was issued pursuant to this section to an individual, who was born 19 in an odd numbered year, shall expire on the individual's birthday in 20 each odd numbered year. On and after January first, two thousand seven, 21 every license issued pursuant to this section to an individual, and 22 every license in effect prior to January first, two thousand seven that 23 was issued pursuant to this section to an individual, who was born in an 24 even numbered year, shall expire on the individual's birthday in each 25 even numbered year. Every such license may be renewed for the ensuing 26 period of twenty-four months upon the filing of an application in 27 conformity with this section. In the case of a license issued to a new 28 applicant, the superintendent may issue a license for a term of more 29 than two years, provided however, such term shall not exceed thirty 30 months. The superintendent may issue such rules and regulations as the 31 superintendent deems necessary to implement the terms of this subsection 32 including regulations providing that, prior to July first, two thousand 33 twenty-three, the registration fees and continuing education require- 34 ments for the renewal of any license issued to a business entity pursu- 35 ant to this subsection for a period that is more than twenty-four months 36 may be increased in proportion to the length of the period of licensure. 37 § 3. Section 3 of a chapter of the laws of 2018 amending the insurance 38 law relating to business entity license renewal dates, as proposed in 39 legislative bills numbers S. 6445-A and A. 8484-A, is amended to read as 40 follows: 41 § 3. This act shall take effect on July 1, [2019] 2021; effective 42 immediately, the superintendent of financial services shall promulgate 43 any rules and regulations necessary for the implementation of this act 44 on or before such effective date. 45 § 4. This act shall take effect on the same date and in the same 46 manner as a chapter of the laws of 2018 amending the insurance law 47 relating to business entity license renewal dates, as proposed in legis- 48 lative bills numbers S. 6445-A and A. 8484-A, takes effect.
