NY State Senate Bill 2017-S6445A

Archive: Last Bill Status Via A8484 - Signed by Governor

Introduced
- In Committee Assembly
- In Committee Senate
- On Floor Calendar Assembly
- On Floor Calendar Senate
- Passed Assembly
- Passed Senate
Delivered to Governor
Signed By Governor

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Actions

View Actions

	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Dec 07, 2018	approval memo.12 signed chap.402
Nov 26, 2018	delivered to governor
Jun 18, 2018	returned to assembly passed senate 3rd reading cal.1386 substituted for s6445a
Jun 18, 2018	substituted by a8484a
Jun 04, 2018	advanced to third reading
May 31, 2018	2nd report cal.
May 30, 2018	1st report cal.1386
May 21, 2018	print number 6445a
May 21, 2018	amend and recommit to insurance
Jan 03, 2018	referred to insurance
May 22, 2017	referred to insurance

Votes

- Jun 18, 2018 - Floor Vote
  A8484
  
  62
  
  Aye
  
  0
  
  Nay
  
  0
  
  Absent
  
  1
  
  Excused
  
  0
  
  Abstained
  - - Floor Vote: Jun 18, 2018
      
      aye (62)
      
      Addabbo Jr.
      
      Akshar
      
      Alcantara
      
      Amedore
      
      Avella
      
      Bailey
      
      Benjamin
      
      Bonacic
      
      Boyle
      
      Breslin
      
      Brooks
      
      Carlucci
      
      Comrie
      
      DeFrancisco
      
      Dilan
      
      Felder
      
      Flanagan
      
      Funke
      
      Gallivan
      
      Gianaris
      
      Golden
      
      Griffo
      
      Hamilton
      
      Hannon
      
      Helming
      
      Hoylman-Sigal
      
      Jacobs
      
      Kaminsky
      
      Kavanagh
      
      Kennedy
      
      Klein
      
      Krueger
      
      LaValle
      
      Lanza
      
      Larkin
      
      Little
      
      Marcellino
      
      Marchione
      
      Mayer
      
      Montgomery
      
      Murphy
      
      O'Mara
      
      Ortt
      
      Parker
      
      Peralta
      
      Persaud
      
      Phillips
      
      Ranzenhofer
      
      Ritchie
      
      Rivera
      
      Robach
      
      Sanders Jr.
      
      Savino
      
      Sepúlveda
      
      Serino
      
      Serrano
      
      Seward
      
      Stavisky
      
      Stewart-Cousins
      
      Tedisco
      
      Valesky
      
      Young
      
      excused (1)
      
      Croci
  May 30, 2018 - Insurance Committee Vote
  S6445A
  
  19
  
  Aye
  
  0
  
  Nay
  
  0
  
  Aye with Reservations
  
  0
  
  Absent
  
  0
  
  Excused
  
  0
  
  Abstained
  - - Insurance Committee Vote: May 30, 2018
      
      aye (19)
      
      Akshar
      
      Benjamin
      
      Breslin
      
      Brooks
      
      Golden
      
      Hamilton
      
      Jacobs
      
      Kennedy
      
      LaValle
      
      Lanza
      
      Larkin
      
      Mayer
      
      Murphy
      
      O'Mara
      
      Parker
      
      Rivera
      
      Savino
      
      Serino
      
      Seward

Bill Amendments

Original

A (Active)

co-Sponsors

2017-S6445 - Details

See Assembly Version of this Bill:: A8484
Law Section:: Insurance Law
Laws Affected:: Amd §§2103 & 2104, Ins L

2017-S6445 - Summary

Changes the dates of business entity license renewal dates for insurance brokers to June thirtieth of odd numbered years.

2017-S6445 - Sponsor Memo

                                 BILL NUMBER:  S6445

 TITLE OF BILL :  An act to amend the insurance law, in relation to
business entity license renewal dates

 PURPOSE :

The purpose of this bill is to combine the three separate insurance
producer business entity license expiration dates into one common
date.

 SUMMARY OF PROVISIONS :

Section 1 amends the Insurance Law by amending paragraph 2 of
subsection (j) of section 2103 to change the expiration date for
licenses issued under subsection (b) to June thirtieth of odd numbered
years.

Section 2 amends the Insurance Law by amending paragraph 1 of
subsection (j) of section 2014 to change the expiration date of the
licenses issued under subsection (g) to June thirtieth of odd numbered
years.

Section 3 establishes an effective date of July I, 2017, and would
apply to licenses issued and renewed after that date.

 JUSTIFICATION :

Under current Insurance Law insurance producers licensed as business
entities typically have three different dates on which they must renew
their business license.

This situation arises because the Insurance Law provides for business
entity renewal dates based upon the type of license. Business entities
licensed as an agent to write life insurance have a two-year license
term that expires on June 30 of odd numbered years. Business entities
licensed as agents to write property/casualty lines have two-year
license term that expires on June 30 of even numbered years.  Business
entities licensed as insurance brokers for both property/casualty
lines and life lines have a two-year term that expires on October 31
of even numbered years.

Most business entities that sell insurance are licensed for all lines
of insurance and are licensed as both agents and brokers. Therefore,
the businesses must adhere to the three different licensing terms.

There is no specific rationale for having three different dates, and
having one date would make business entity licensing and renewal much
simpler for businesses.

This bill would establish June 30 of odd-numbered years as the one
common expiration date for all business entity licenses.

 LEGISLATIVE HISTORY :

New bill.

 EFFECTIVE DATE :
This act shall take effect July 1, 2017, and shall apply to licenses
issued or renewed on or after that date.

2017-S6445 - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6445
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                               May 22, 2017
                                ___________
 
 Introduced  by  Sen.  SEWARD -- read twice and ordered printed, and when
   printed to be committed to the Committee on Insurance
 
 AN ACT to amend the  insurance  law,  in  relation  to  business  entity
   license renewal dates
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. Paragraph 2 of subsection (j) of section 2103 of the insur-
 ance law, as amended by section 2 of part F of chapter 59 of the laws of
 2005, is amended to read as follows:
   (2) Every license issued to a business entity pursuant  to  subsection
 (a)  of  this  section  shall  expire  on June thirtieth of odd numbered
 years.  Every license issued to a business entity pursuant to subsection
 (b) of this section  shall  expire  on  June  thirtieth  of  [even]  ODD
 numbered  years.  On  and after January first, two thousand seven, every
 license issued pursuant to this section  to  an  individual,  and  every
 license  in  effect  prior to January first, two thousand seven that was
 issued pursuant to this section to an individual, who was born in an odd
 numbered year, shall expire on the individual's  birthday  in  each  odd
 numbered  year.  On  and  after January first, two thousand seven, every
 license issued pursuant to this section  to  an  individual,  and  every
 license  in  effect  prior to January first, two thousand seven that was
 issued pursuant to this section to an individual, who  was  born  in  an
 even  numbered  year,  shall expire on the individual's birthday in each
 even numbered year.  Every such license may be renewed for  the  ensuing
 period  of  twenty-four  months  upon  the  filing  of an application in
 conformity with this subsection.
   § 2. Paragraph 1 of subsection (g) of section 2104  of  the  insurance
 law,  as  amended by chapter 442 of the laws of 2012, is amended to read
 as follows:
   (1) Every insurance broker's license issued pursuant to  this  section
 to  a business entity shall be for a term expiring on the [thirty-first]

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

                                                            LBD11823-01-7

 S. 6445                             2
 
 THIRTIETH day of [October] JUNE of [even-numbered]  ODD-NUMBERED  years.
 On  and  after  January  first, two thousand seven, every license issued
 pursuant to this section to an individual, and every license  in  effect
 prior  to  January first, two thousand seven that was issued pursuant to
 this section to an individual, who was born in  an  odd  numbered  year,
 shall  expire on the individual's birthday in each odd numbered year. On
 and after January first, two thousand seven, every license issued pursu-
 ant to this section to an individual, and every license in effect  prior
 to  January  first,  two thousand seven that was issued pursuant to this
 section to an individual, who was born in an even numbered  year,  shall
 expire  on  the  individual's birthday in each even numbered year. Every
 such license may be renewed for the ensuing period of twenty-four months
 upon the filing of an application in conformity with  this  section.  In
 the  case of a license issued to a new applicant, the superintendent may
 issue a license for a term of more than  two  years,  provided  however,
 such term shall not exceed thirty months.
   §  3.  This  act shall take effect on July 1, 2017, and shall apply to
 licenses issued or renewed on or after such date.

co-Sponsors

2017-S6445A (ACTIVE) - Details

See Assembly Version of this Bill:: A8484
Law Section:: Insurance Law
Laws Affected:: Amd §§2103 & 2104, Ins L

2017-S6445A (ACTIVE) - Summary

Changes the dates of business entity license renewal dates for insurance brokers to June thirtieth of odd numbered years.

2017-S6445A (ACTIVE) - Sponsor Memo

                                
 
BILL NUMBER: S6445A

SPONSOR: SEWARD
 
TITLE OF BILL:

An act to amend the insurance law, in relation to business entity
license renewal dates

 
PURPOSE:

The purpose of this bill is to combine the three separate insurance
producer business entity license expiration dates into one common date.

 
SUMMARY OF PROVISIONS:

Section 1 amends the Insurance Law by amending paragraph 2 of subsection
(j) of section 2103 to change the expiration date for licenses issued
under subsection (b) to June thirtieth of odd numbered years.

Section 2 amends the Insurance Law by amending paragraph 1 of subsection
(j) of section 2014 to change the expiration date of the licenses issued

under subsection (g) to June thirtieth of odd numbered years.

Section 3 establishes an effective date of July 1, 2017, and would apply
to licenses issued and renewed after that date.

 
JUSTIFICATION:

Under current Insurance Law insurance producers licensed as business
entities typically have three different dates on which they must renew
their business license.

This situation arises because the Insurance Law provides for business
entity renewal dates based upon the type of license. Business entities
licensed as an agent to write life insurance have a two-year license
term that expires on June 30 of odd numbered years. Business entities
licensed as agents to write property/casualty lines have two-year
license term that expires on June 30 of even numbered years.  Business
entities licensed as insurance brokers for both property/casualty lines
and life lines have a two-year term that expires on October 31 of even
numbered years. (These include excess lines brokers licenses.)

Most business entities that sell insurance are licensed for all lines of
insurance and are licensed as both agents and brokers. Therefore, the
businesses must adhere to the three different licensing terms.

There is no specific rationale for having three different dates, and
having one date would make business entity licensing and renewal much
simpler for businesses.

This bill would establish June 30 of odd-numbered years as the one
common expiration date for all business entity licenses.

The bill also provides the Department of Financial Services will the
ability to adopt any regulation it deems necessary to implement the
provisions of the bill and provides a July 1, 2019 effective date that
will provide the Department sufficient time to implement the changes.

 
LEGISLATIVE HISTORY:
New bill.

 
EFFECTIVE DATE:
This act shall take effect July 1, 2017, and shall apply to licenses
issued or renewed on or after that date.

2017-S6445A (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  6445--A
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                               May 22, 2017
                                ___________
 
 Introduced  by  Sens.  SEWARD,  HAMILTON,  KAMINSKY, RANZENHOFER -- read
   twice and ordered printed, and when printed to  be  committed  to  the
   Committee on Insurance -- recommitted to the Committee on Insurance in
   accordance  with  Senate  Rule 6, sec. 8 -- committee discharged, bill
   amended, ordered reprinted as amended and recommitted to said  commit-
   tee
 
 AN  ACT  to  amend  the  insurance  law,  in relation to business entity
   license renewal dates
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Paragraph 2 of subsection (j) of section 2103 of the insur-
 ance law, as amended by section 2 of part F of chapter 59 of the laws of
 2005, is amended to read as follows:
   (2)  Every  license issued to a business entity pursuant to subsection
 (a) of this section shall expire  on  June  thirtieth  of  odd  numbered
 years.  Every license issued to a business entity pursuant to subsection
 (b)  of  this  section  shall  expire  on  June  thirtieth of [even] ODD
 numbered years. On and after January first, two  thousand  seven,  every
 license  issued  pursuant  to  this  section to an individual, and every
 license in effect prior to January first, two thousand  seven  that  was
 issued pursuant to this section to an individual, who was born in an odd
 numbered  year,  shall  expire  on the individual's birthday in each odd
 numbered year. On and after January first,  two  thousand  seven,  every
 license  issued  pursuant  to  this  section to an individual, and every
 license in effect prior to January first, two thousand  seven  that  was
 issued  pursuant  to  this  section to an individual, who was born in an
 even numbered year, shall expire on the individual's  birthday  in  each
 even  numbered year.   Every such license may be renewed for the ensuing
 period of twenty-four months  upon  the  filing  of  an  application  in
 conformity with this subsection. THE SUPERINTENDENT MAY ISSUE SUCH RULES

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD11823-04-8

 S. 6445--A                          2
 
 AND  REGULATIONS  AS THE SUPERINTENDENT DEEMS NECESSARY TO IMPLEMENT THE
 TERMS OF THIS SUBSECTION.
   §  2.  Paragraph  1 of subsection (g) of section 2104 of the insurance
 law, as amended by chapter 442 of the laws of 2012, is amended  to  read
 as follows:
   (1)  Every  insurance broker's license issued pursuant to this section
 to a business entity shall be for a term expiring on the  [thirty-first]
 THIRTIETH  day  of [October] JUNE of [even-numbered] ODD-NUMBERED years.
 On and after January first, two thousand  seven,  every  license  issued
 pursuant  to  this section to an individual, and every license in effect
 prior to January first, two thousand seven that was issued  pursuant  to
 this  section  to  an  individual, who was born in an odd numbered year,
 shall expire on the individual's birthday in each odd numbered year.  On
 and after January first, two thousand seven, every license issued pursu-
 ant  to this section to an individual, and every license in effect prior
 to January first, two thousand seven that was issued  pursuant  to  this
 section  to  an individual, who was born in an even numbered year, shall
 expire on the individual's birthday in each even  numbered  year.  Every
 such license may be renewed for the ensuing period of twenty-four months
 upon  the  filing  of an application in conformity with this section. In
 the case of a license issued to a new applicant, the superintendent  may
 issue  a  license  for  a term of more than two years, provided however,
 such term shall not exceed thirty months. THE SUPERINTENDENT  MAY  ISSUE
 SUCH  RULES  AND  REGULATIONS  AS  THE SUPERINTENDENT DEEMS NECESSARY TO
 IMPLEMENT THE TERMS OF THIS SUBSECTION.
   § 3. This act shall take effect on July 1, 2019; effective  immediate-
 ly,  the superintendent of financial services shall promulgate any rules
 and regulations necessary for the  implementation  of  this  act  on  or
 before such effective date.

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Senate Bill S6445A

Sponsored By

Archive: Last Bill Status Via A8484 - Signed by Governor

Jun 18, 2018 - Floor Vote

Floor Vote: Jun 18, 2018

May 30, 2018 - Insurance Committee Vote

Insurance Committee Vote: May 30, 2018

Bill Amendments

co-Sponsors

2017-S6445 - Details

2017-S6445 - Summary

2017-S6445 - Sponsor Memo

2017-S6445 - Bill Text download pdf

co-Sponsors

2017-S6445A (ACTIVE) - Details

2017-S6445A (ACTIVE) - Summary

2017-S6445A (ACTIVE) - Sponsor Memo

2017-S6445A (ACTIVE) - Bill Text download pdf

Comments

Senate Bill S6445A

Share this bill

Sponsored By

James L. Seward

Archive: Last Bill Status Via A8484 - Signed by Governor

Bill Amendments

co-Sponsors

Jesse Hamilton

Todd Kaminsky

Michael H. Ranzenhofer

2017-S6445 - Details

2017-S6445 - Summary

2017-S6445 - Sponsor Memo

2017-S6445 - Bill Text download pdf

co-Sponsors

Jesse Hamilton

Todd Kaminsky

Michael H. Ranzenhofer

2017-S6445A (ACTIVE) - Details

2017-S6445A (ACTIVE) - Summary

2017-S6445A (ACTIVE) - Sponsor Memo

2017-S6445A (ACTIVE) - Bill Text download pdf

Comments