Bill Text: NY S03960 | 2017-2018 | General Assembly | Amended

Bill Title: Relates to authorizing the superintendent of financial services to grant six credit hours of continuing education for a licensee's active membership in a statewide professional insurance producer association.

Spectrum: Partisan Bill (Republican 3-0)

Status: (Vetoed) 2018-12-21 - VETOED MEMO.309 [S03960 Detail]

Download: New_York-2017-S03960-Amended.html

                STATE OF NEW YORK
            Cal. No. 442
                               2017-2018 Regular Sessions
                    IN SENATE
                                    January 31, 2017
        Introduced  by  Sens.  SEWARD, RITCHIE, ROBACH -- read twice and ordered
          printed, and when printed to be committed to the Committee  on  Insur-
          ance  --  recommitted to the Committee on Insurance in accordance with
          Senate Rule 6, sec. 8  --  reported  favorably  from  said  committee,
          ordered to first and second report, ordered to a third reading, passed
          by  Senate and delivered to the Assembly, recalled, vote reconsidered,
          restored to third reading, amended and  ordered  reprinted,  retaining
          its place in the order of third reading
        AN  ACT  to  amend  the  insurance  law,  in relation to the granting of
          continuing  education  credits  by  the  superintendent  of  financial
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. Subsection (c) of section 2132  of  the  insurance  law  is
     2  amended by adding a new paragraph 4 to read as follows:
     3    (4)  The  superintendent shall grant six credit hours for a licensees'
     4  active membership in a statewide professional insurance producer associ-
     5  ation, per biennial period.
     6    (A) For the purpose  of  this  paragraph,  a  "statewide  professional
     7  insurance  producer association" shall be defined as an association that
     8  has been in existence for at least ten years, which derives its  member-
     9  ship  from  amongst  those  persons  that  have been issued an insurance
    10  producer's license by the superintendent, and which is dedicated to  the
    11  promotion  of  the integrity, trust, professionalism and business inter-
    12  ests of its membership through education, advocacy,  social  interaction
    13  and  the  development of ethical and sound business practices including,
    14  but not limited to, a professional publication or journal that is issued
    15  not less than four times a year; issuance of not less than six  guidance
    16  or  fact-based  policy  statements  or instructional memoranda on topics
    17  pertaining to professional  practice,  customer  service,  ethics  or  a
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.

        S. 3960--A                          2
     1  substantive  issue;  or distribution of not less than twelve such state-
     2  ments or memoranda produced by another organization.
     3    (B)  For the purpose of this paragraph, 'active membership' means: (i)
     4  certification by the licensee to the superintendent that the member  was
     5  in  good standing with dues paid in full for the previous biennial peri-
     6  od; (ii) certification to the superintendent by the  licensee  that  the
     7  member  has  read the professional insurance producer association's code
     8  of ethics; and (iii) certification to the superintendent by the licensee
     9  that the licensee has attended at least one course, program of  instruc-
    10  tion or seminar that meets the requirements of this section sponsored by
    11  the  professional  insurance  producer  association each year during the
    12  previous biennial period.
    13    (C) The professional insurance producer association  shall  file  with
    14  the  superintendent  annually,  by  January  thirty-first, a list of all
    15  members in good standing for the previous  year,  the  current  code  of
    16  ethics,  and any other information that the superintendent shall require
    17  in order to implement the provisions of this paragraph.
    18    § 2. This act shall take effect immediately.