This week, three important Big I NY-supported bills were delivered to the Governor's desk. He now has until December 7th to sign or veto the legislation. We have delivered letters of support to Governor Cuomo, and will update you as soon as action is taken.
Big I New York's Business Entity Licensing Simplification Bill (S.6445/A.8484)
Big I New York developed and championed passage of a bill it developed to address a major issue for members concerning their multiple business entity license renewal dates. Since agencies that sell insurance are licensed for all lines of insurance and are licensed as both agents and brokers, they must keep track of three separate renewal dates.
This bill will establish June 30 of odd-numbered years as the one common expiration date for all business entity licenses, making the renewal process much simpler for agents.
Pre-licensing Education (S.7634A/A.9527)
This bill will make it easier for those people who want to be licensed as property/casualty and personal lines insurance agents to complete their required pre-licensing education. Instead of requiring pre-licensing coursework to be conducted in a classroom setting, it allows the coursework to be taken through a correspondence course or a course offered over the internet.
Small Business Regulatory Relief (A.8205/S.4120)
This bill will provide regulatory relief to many small agencies that violate a state agency regulation. It requires all state agencies to allow a first-time small business rule violator with the opportunity to cure or take ameliorative action before a penalty is imposed. This bill would prevent DFS from levying fines and penalties against small insurance agencies that may have simply made a mistake.