NYS Agent’s & Broker’s License Renewal Late Fee
Question: “Why does the New York State Department of Financial Services charge me $10 if I renew my agent’s or broker’s license less than 60 days before renewal?”
Answer: The law requires them to…
Agents
New York INSURANCE LAW — CHAPTER 28 OF THE CONSOLIDATED LAWS Article 21 — AGENTS, BROKERS, ADJUSTERS, CONSULTANTS AND INTERMEDIARIES Ins. Law s 2103 Insurance agents; licensing (j) (10) An application for the renewal of a license shall be filed with the superintendent not less than sixty days prior to the date the license expires or the applicant shall be subject to a further fee for late filing of ten dollars. History 2008, Senate Bill 4074, Section 1, effective 9-18-2008.
Brokers
New York INSURANCE LAW — CHAPTER 28 OF THE CONSOLIDATED LAWS Article 21 — AGENTS, BROKERS, ADJUSTERS, CONSULTANTS AND INTERMEDIARIES Ins. Law s 2104 Insurance brokers; licensing (g) (2) An application for a renewal license shall be filed with the superintendent not less than sixty days prior to the date the license expires or the applicant shall be required to pay, in addition to the fee required in subsection (f) of this section, a further fee for late filing of ten dollars. History: L. 2005, chapter 59 (Senate Bill 3669), pt. F, ss 3, 4 eff. 4-12-2005
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