The New York State Department of Financial Services has proposed a new regulation that would, for the first time, require insurance agents and brokers to take courses on specific topics to meet their continuing education (CE) obligations. If adopted, the new requirements would take effect next April.
proposed regulation does not increase the number of CE hours producers must take from the current 15 per two-year license period. That number is set by state law and cannot be changed without action by the state legislature and the governor. Instead, the regulation would require producers to include in those 15 hours:
- At least one hour of courses on the provisions of New York insurance law and regulations
- At least one hour of courses on ethics and professionalism
- At least one hour of courses on "implicit and explicit bias; equal access to justice; serving a diverse population; diversity and inclusion initiatives in the insurance industry; and sensitivity to cultural and other differences when interacting with clients, potential clients, or other members of the public."
- For all property-casualty licensed producers, at least one hour of courses on the sale of flood insurance through the National Flood Insurance Program (NFIP)
- For producers who sell coverage through the NFIP, at least three hours of enhanced flood insurance instruction.
The proposed requirement for diversity and inclusion instruction follows the
department's announcement in March that it expects insurers to prioritize diversifying their leadership ranks.
Publication of the proposed regulation in the
July 7 issue of
New York State Register is the department's first step toward formally adopting these requirements. The next step is a period of time for the public to send DFS comments on the proposal. Anyone may send comments between now and September 5, 2021. DFS will review submitted comments before deciding whether to formally adopt the regulation. If adopted, it will apply to licenses renewing on and after April 1, 2022.