Relates to authorizing the superintendent of financial services to grant six credit hours of continuing education for a licensees' active membership in a statewide professional insurance producer association.
NEW YORK STATE ASSEMBLY MEMORANDUM IN SUPPORT OF LEGISLATION submitted in accordance with Assembly Rule III, Sec 1(f)
BILL NUMBER: A7012B
SPONSOR: Hunter TITLE OF BILL: An act to amend the insurance law, in relation to the
granting of continuing education credits by the superintendent of finan-
cial services
PURPOSE:
To provide that insurance producers can receive continuing education
credit for active membership in a statewide professional insurance
producer association.
SUMMARY OF PROVISIONS:
Section one amends the insurance law by adding a new subsection (c)(4)
to section 2132, which provides for the granting of six continuing
education credits for all active members of a statewide professional
insurance producer association.
Furthermore, section one defines a "statewide professional insurance
producer association" and sets forth the requirements that the licensed
producer and professional insurance association must meet for the insur-
ance producer to be considered 'active' for the continuing education
credits. Additionally, section one outlines the information that must be
provided by both the licensed insurance producer and statewide profes-
sional insurance producer association to the Superintendent in order to
obtain such continuing education credits.
Section 2 provides for an immediate effective date.
DIFFERENCE BETWEEN ORIGINAL AND AMENDED VERSION (IF APPLICABLE):
This amendment provides that in order to meet the definition of "active
membership" a member would have to attend at least one course, program
of instruction or seminar that meets the requirements of Section 2132 of
the NYS Insurance Law.
JUSTIFICATION:
New York's insurance producer associations promote professionalism, best
practices, ethical compliance, continuing education training and
networking opportunities to their members. In addition, membership in
these associations provide younger members an opportunity to be mentored
by more established insurance producers thereby enhancing their business
prospects. Thus, it is in the best interest of the State of New York to
encourage insurance producers to join such associations and participate
in that association's meetings, conferences and educational seminars.
This bill furthers that interest by requiring the Superintendent of
Financial Services to grant six credit hours of an insurance producer's
legal continuing education requirement for membership in good standing
of a qualified association.
LEGISLATIVE HISTORY:
New Bill.
FISCAL IMPLICATIONS:
None.
EFFECTIVE DATE:
Immediately
STATE OF NEW YORK
________________________________________________________________________
7012--B
2017-2018 Regular Sessions
IN ASSEMBLY
March 29, 2017
___________
Introduced by M. of A. HUNTER, COOK, DICKENS, HYNDMAN -- Multi-Sponsored
by -- M. of A. ERRIGO -- read once and referred to the Committee on
Insurance -- recommitted to the Committee on Insurance in accordance
with Assembly Rule 3, sec. 2 -- committee discharged, bill amended,
ordered reprinted as amended and recommitted to said committee --
again reported from said committee with amendments, ordered reprinted
as amended and recommitted to said committee
AN ACT to amend the insurance law, in relation to the granting of
continuing education credits by the superintendent of financial
services
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Subsection (c) of section 2132 of the insurance law is
2 amended by adding a new paragraph 4 to read as follows:
3 (4) The superintendent shall grant six credit hours for a licensees'
4 active membership in a statewide professional insurance producer associ-
5 ation, per biennial period.
6 (A) For the purpose of this paragraph, a "statewide professional
7 insurance producer association" shall be defined as an association that
8 has been in existence for at least ten years, which derives its member-
9 ship from amongst those persons that have been issued an insurance
10 producer's license by the superintendent, and which is dedicated to the
11 promotion of the integrity, trust, professionalism and business inter-
12 ests of its membership through education, advocacy, social interaction
13 and the development of ethical and sound business practices including,
14 but not limited to, a professional publication or journal that is issued
15 not less than four times a year; issuance of not less than six guidance
16 or fact-based policy statements or instructional memoranda on topics
17 pertaining to professional practice, customer service, ethics or a
18 substantive issue; or distribution of not less than twelve such state-
19 ments or memoranda produced by another organization.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD08253-06-8
A. 7012--B 2
1 (B) For the purpose of this paragraph, 'active membership' means: (i)
2 certification by the licensee to the superintendent that the member was
3 in good standing with dues paid in full for the previous biennial peri-
4 od; (ii) certification to the superintendent by the licensee that the
5 member has read the professional insurance producer association's code
6 of ethics; and (iii) certification to the superintendent by the licensee
7 that the licensee has attended at least one course, program of instruc-
8 tion or seminar that meets the requirements of this section sponsored by
9 the professional insurance producer association each year during the
10 previous biennial period.
11 (C) The professional insurance producer association shall file with
12 the superintendent annually, by January thirty-first, a list of all
13 members in good standing for the previous year, the current code of
14 ethics, and any other information that the superintendent shall require
15 in order to implement the provisions of this paragraph.
16 § 2. This act shall take effect immediately.
