(Dewitt, New York, Dec. 10, 2018) - Big I New York today applauded the approval of a law it wrote to make licensing requirements easier to comply with. Gov. Andrew M. Cuomo signed Assembly Bill No. 8484-A into law on Friday. The measure creates a single date on which all of an insurance agency’s or brokerage’s licenses will renew. Big I New York is the state’s oldest insurance producer trade association. Insurance agents and brokers are commonly referred to as “insurance producers.”
“This law makes it easier for insurance agents and brokers to do business in New York,” said Big I New York Chair of the Board Louis Atti, CPCU. “Licensing requirements will continue to protect consumers, but the single renewal date makes it easier for agents and brokers to meet those requirements.”
Under previous law, business entities licensed as insurance producers had three different dates on which to renew their licenses:
Life insurance agencies’ licenses expired on June 30 of odd-numbered years
Property-casualty agencies’ licenses expired on June 30 of even-numbered years
All brokerage licenses expired on October 31 of even-numbered years
Most insurance producer businesses hold agent and broker licenses for both life and property-casualty insurance. The previous law required them to keep track of the three separate renewal dates. The new law, which Big I New York wrote, sets June 30 of odd-numbered years as the single date on which all types of licenses issued to businesses will expire, starting with June 30, 2021.
“This law leaves insurance producers with more time to focus on solving their clients’ risk problems,” Atti said. “We wish to thank the bill’s sponsors, Assemblyman Kevin Cahill (D - Kingston) and Senator James Seward (R - Milford), their co-sponsors in the Assembly and Senate, and Governor Andrew Cuomo for supporting this measure. Most insurance agencies and brokerages are small, community-based businesses with many demands for their attention. We appreciate the governor’s and legislature’s efforts to make their lives a little easier.”
For more information, go to www.trustedchoice.com or www.biginy.org.
Big I New York exists to fulfill the educational, political, and business interests of our more than 1,750 agencies and their 13,000 plus employees. We believe independent insurance agents serve customers best with trusted advice and the right coverage options to protect what matters most.
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.