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S02039 Summary:

S02039 Actions:

S02039 Committee Votes:

S02039 Floor Votes:

S02039 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          2039
 
                               2019-2020 Regular Sessions
 
                    IN SENATE
 
                                    January 18, 2019
                                       ___________
 
        Introduced  by  Sen.  SEWARD -- read twice and ordered printed, and when
          printed to be committed to the Committee on Rules
 
        AN ACT to amend the insurance law and a chapter  of  the  laws  of  2018
          amending the insurance law relating to business entity license renewal
          dates,  as  proposed  in  legislative  bills  numbers S. 6445-A and A.
          8484-A, in relation to  registration  fees  and  continuing  education
          requirements for license renewal
 
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
 
     1    Section 1. Paragraph 2 of subsection (j) of section 2103 of the insur-
     2  ance law, as amended by a chapter of  the  laws  of  2018  amending  the
     3  insurance  law  relating  to  business  entity license renewal dates, as
     4  proposed in legislative bills  numbers  S.  6445-A  and  A.  8484-A,  is
     5  amended to read as follows:
     6    (2)  Every  license issued to a business entity pursuant to subsection
     7  (a) of this section shall expire  on  June  thirtieth  of  odd  numbered
     8  years.  Every license issued to a business entity pursuant to subsection
     9  (b)  of  this  section  shall  expire  on June thirtieth of odd numbered
    10  years. On and after January first, two  thousand  seven,  every  license
    11  issued  pursuant  to this section to an individual, and every license in
    12  effect prior to January first, two thousand seven that was issued pursu-
    13  ant to this section to an individual, who was born in  an  odd  numbered
    14  year,  shall  expire  on  the individual's birthday in each odd numbered
    15  year. On and after January first,  two  thousand  seven,  every  license
    16  issued  pursuant  to this section to an individual, and every license in
    17  effect prior to January first, two thousand seven that was issued pursu-
    18  ant to this section to an individual, who was born in an  even  numbered
    19  year,  shall  expire  on the individual's birthday in each even numbered
    20  year.  Every such license may be renewed for the ensuing period of twen-
    21  ty-four months upon the filing of an application in conformity with this
    22  subsection.  The superintendent may issue such rules and regulations  as
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD07040-01-9
        S. 2039                             2
 
     1  the  superintendent  deems  necessary  to  implement  the  terms of this
     2  subsection including regulations providing that, prior  to  July  first,
     3  two  thousand  twenty-three, the registration fees and continuing educa-
     4  tion  requirements  for  the renewal of any license issued to a business
     5  entity pursuant to this subsection for a period that is more than  twen-
     6  ty-four months may be increased in proportion to the length of the peri-
     7  od of licensure.
     8    §  2.  Paragraph  1 of subsection (g) of section 2104 of the insurance
     9  law, as amended by a chapter of the laws of 2018 amending the  insurance
    10  law  relating  to  business entity license renewal dates, as proposed in
    11  legislative bills numbers S. 6445-A and A. 8484-A, is amended to read as
    12  follows:
    13    (1) Every insurance broker's license issued pursuant to  this  section
    14  to  a  business entity shall be for a term expiring on the thirtieth day
    15  of June of odd-numbered years.  On and after January first, two thousand
    16  seven, every license issued pursuant to this section to  an  individual,
    17  and  every  license in effect prior to January first, two thousand seven
    18  that was issued pursuant to this section to an individual, who was  born
    19  in  an  odd  numbered year, shall expire on the individual's birthday in
    20  each odd numbered year. On and after January first, two thousand  seven,
    21  every  license  issued  pursuant  to  this section to an individual, and
    22  every license in effect prior to January first, two thousand seven  that
    23  was issued pursuant to this section to an individual, who was born in an
    24  even  numbered  year,  shall expire on the individual's birthday in each
    25  even numbered year. Every such license may be renewed  for  the  ensuing
    26  period  of  twenty-four  months  upon  the  filing  of an application in
    27  conformity with this section. In the case of a license issued to  a  new
    28  applicant,  the  superintendent  may  issue a license for a term of more
    29  than two years, provided however, such  term  shall  not  exceed  thirty
    30  months.  The  superintendent may issue such rules and regulations as the
    31  superintendent deems necessary to implement the terms of this subsection
    32  including regulations providing that, prior to July first, two  thousand
    33  twenty-three,  the  registration  fees and continuing education require-
    34  ments for the renewal of any license issued to a business entity  pursu-
    35  ant to this subsection for a period that is more than twenty-four months
    36  may be increased in proportion to the length of the period of licensure.
    37    § 3. Section 3 of a chapter of the laws of 2018 amending the insurance
    38  law  relating  to  business entity license renewal dates, as proposed in
    39  legislative bills numbers S. 6445-A and A. 8484-A, is amended to read as
    40  follows:
    41    § 3. This act shall take effect on  July  1,  [2019]  2021;  effective
    42  immediately,  the  superintendent of financial services shall promulgate
    43  any rules and regulations necessary for the implementation of  this  act
    44  on or before such effective date.
    45    §  4.  This  act  shall  take  effect on the same date and in the same
    46  manner as a chapter of the laws  of  2018  amending  the  insurance  law
    47  relating to business entity license renewal dates, as proposed in legis-
    48  lative bills numbers S. 6445-A and A. 8484-A, takes effect.