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 ________________________________________________________________________ 3960--A 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 services 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. LBD08253-07-8S. 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.
