(Dewitt, New York, June 19, 2018) - Big I New York, the Empire State's oldest insurance producer trade association, praised the New York State Legislature for approving a bill to make licensing easier for hundreds of local insurance agencies. The New York State Senate passed the group's bill, number
"Big I New York and its member independent insurance agents and brokers are very pleased that the New York State Assembly and Senate have passed our bill," said Chair of the Board Louis Atti, CPCU. "This measure will make renewing licenses simpler for insurance agencies of all sizes, from those with two employees to those with hundreds. It will help agencies focus more on meeting the needs of their customers and less on paperwork."
Under current Insurance Law, insurance producers that are licensed as business entities typically have three different dates on which they must renew their business licenses. Business entities licensed as agents to sell life insurance have a two-year license term that expires on June 30 of odd numbered years. Those licensed as agents to sell property-casualty insurance have a two-year license term that expires on June 30 of even numbered years. Those licensed as insurance brokers for property-casualty, life, and to sell coverage from unlicensed insurers have a two-year term that expires on October 31 of even numbered years.
Most business entities that sell insurance hold both agent and broker licenses for all types of insurance, so they are impacted by the three separate renewal dates. There is no particular reason to have three dates. This bill will set June 30 of odd-numbered years as the one common expiration date for all business entity licenses. Having one uniform license renewal date will make it much easier for New York insurance agencies to keep track of their license renewals.
"We wish to thank the leadership in the Assembly and Senate, and particularly the chairs of the insurance committees in each chamber, for their efforts on our bill," Atti said. "This measure will make it easier for small insurance businesses to operate in New York. We very much appreciate their support of this change, and we look forward to working with the governor to make it become law."
Big I New York believes independent insurance agents serve customers best with trusted advice and the right coverage options to protect what matters most. We exist to fulfill the educational, political, and business interests of our more than 1,750 agencies and their 13,000 plus employees.
Our members are independent insurance agents and brokers, which means they can provide consumers with a choice of products from more than one insurance company and in turn give consumers unrivaled service, and the best auto, homeowner, and business coverage to meet their changing needs. In addition, most Big I New York members proudly identify themselves as Trusted Choice® agents and brokers, a national consumer brand uniting more than 21,000 independent agencies across the United States.
For more information, go to www.trustedchoice.com or www.biginy.org.