Property-casualty broker (BR) licenses for insurance agencies are coming up for renewal this October 31, and some of you who have renewed already are noticing a change. For as long as anyone can remember, BR licenses have expired on Oct. 31 in even-numbered years. That has changed.
In 2017, the New York State Legislature and Gov. Andrew Cuomo enacted a change in the licensing law, a change written by Big I New York. Any license, whether it is a broker license or an agent (PC or LA) license, issued to a business organization will expire on June 30 in odd-numbered years. Under the old law, agencies had licenses expireing on three different dates. Now they expire on one. This should be easier for you to remember and manage.
Consequently, when you renew your BR licenses this year, you will see that the renewals will expire on June 30, 2023. Traditionally, the New York State Department of Financial Services does not issue licenses for terms of less than two years. That is why your renewals will be for terms of close to three years.
Remember too that this change applies only to agencies. Licenses issued to individuals continue to renew on the licenseholders' birthdays.