New York Accident & Health Insurance
1. Agent Licesne: Noone can sell insurance without license but you dont need to pass test if you are employees of licesed insurance agent wh do nt solicit, licensed attorneys, actuaries or cpas who provid ino, regular salaried implyees who devote little tie, ...
New York Accident & Health Insurance
1. Agent Licesne: Noone can sell insurance without license but you dont need to
pass test if you are employees of licesed insurance agent wh do nt solicit, licensed
attorneys, actuaries or cpas who provid ino, regular salaried implyees who devote
little tie, an agent oof a graternal benefit society
- must be 18, pass 540 hr course
- pass state exam
- Application must be submiteed w in 2 years
- renewal every 2 years on birthday
2. Certificate of appointment: if a license is granted to an corporation, , only the
officers and directors named on the license can act as agents, but they can sub
license agents. Every time a new agent comes on boad, they need a certificate of
appointment from the state
3. License Term for Agent: 2 years; can be suspended or revoked by superinten-
dent, terminated by insurer, fails to file a renewal application, it can be terminated;
Must be able to be furnished on request, the head agent must display in the office;
if no certificate of appointment is filed, the license is inactive
4. Consultant: Allows a person with a license to charge a fee for providing advice
- if given to an indivual, it experires every 2 yrs on the birthday
- if issued to a business entity, it expires on March 31st for life insurance in an odd
yyear and general insurance in an even year
- can only recieve a fee if there's a written contract with the person they are providing
advice
5. Adjuster License: acts on behalf of th insurer to investigata and sjust claims
arising under insurance contracts issued by the insurer
6. Non Resident: an individual who is a non resident of NY and who is licensed or
authorized to act as an insurance agent in the state in which he resides. If a licenced
non residnent moves to NY, he has 90 days to apply for his license w/o taking exam
7. Temporary License: Can be issued to spouse of deceased or next of kim from
a disability
8. Tremination of License: Can be done by superintendent for:
-providing incorrect or misleading materially untreu info in licesne app
-violating any insurance laws
- stealing money
- having been convicted of a felony
- any dihonest practices
- Have a producer or life settlement license denied or revoked in any other state
- Forging
- Failing to comply with child support payments
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, New York Accident & Health Insurance
9. To terminate a license, a superintendent must: provide a written notice to the
licensee of a hearing before the license an be suspended. For a broker, its not less
than 10 days after notice is provided for the hearing. If there's an action against the
producer, he must notify the super within 30 days. You cant go into another state and
start practicing either
10. Appointment and Termination of Appointment: All insureres myst file a cier-
tificate of appointment in order to appoint insurance agents. Then you have 15 days
to appoint a producer from the date the agency contract is executed. If you've been
fired, you have 30 days to tell the super why you were fired and then the super has
15 days to send the info back to you confirming it,
11. Change of Address time frame: a licensee has 30 days to inform dept of
insurance
12. Reporting of Action: must report to dept of insurance w in 30 days of any
administrative action
13. Continuing Ed: must to 15 hrs every 2 years
14. Powers of the Superintendent: he has the power to promote the public welfare
and administer and enforce all laws
appointed by the governor
Not responsible for assessing punitive damages to thos who break insurance laws.
(this is the responsibility of the state legislative bodies
- Can suspend, revoke or non renew the liceses but only after a hearing
- Examine and regulate an inusrance co for solvency and examine the books
-issue insurance licenses
- regulate and approve life and health insurance rates
- direct insurance department hearings based on grievances from sonsumers or
consumer rights organizations
- if the super thinkgs that a hearing is necessary, he has to give 10 days written
notice of hearing to the licensee
- regulate all advertising
- determine reserve amounts
- issue a cease and desist order - if there's a violation of stat law, can also fine up
to 5k for every violation
- report illegalities to the attorney general who will prosecute
- conduct hearings; failure to appear is a misdemeanor
15. Defined Violation: performing an act prohibited by NY Statutes
16. Determined Violation: a violation that's been determined after hearing
17. Rebating: ie kickbacks, or incentives or consideratin for business. Cant give
anything worth more than $15.
Any violation is subject to $500 penalty
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