Bill Text: NY A08484 | 2017-2018 | General Assembly | Amended

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

Spectrum: Slight Partisan Bill (Democrat 3-1)

Status: (Passed) 2018-12-07 - approval memo.12 [A08484 Detail]

Download: New_York-2017-A08484-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                         8484--A
                               2017-2018 Regular Sessions
                   IN ASSEMBLY
                                      June 16, 2017
                                       ___________
        Introduced by M. of A. CAHILL, HUNTER, CURRAN, D. ROSENTHAL -- 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
        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:
     1    Section 1. Paragraph 2 of subsection (j) of section 2103 of the insur-
     2  ance law, as amended by section 2 of part F of chapter 59 of the laws of
     3  2005, is amended to read as follows:
     4    (2) Every license issued to a business entity pursuant  to  subsection
     5  (a)  of  this  section  shall  expire  on June thirtieth of odd numbered
     6  years.  Every license issued to a business entity pursuant to subsection
     7  (b) of this section  shall  expire  on  June  thirtieth  of  [even]  odd
     8  numbered  years.  On  and after January first, two thousand seven, every
     9  license issued pursuant to this section  to  an  individual,  and  every
    10  license  in  effect  prior to January first, two thousand seven that was
    11  issued pursuant to this section to an individual, who was born in an odd
    12  numbered year, shall expire on the individual's  birthday  in  each  odd
    13  numbered  year.  On  and  after January first, two thousand seven, every
    14  license issued pursuant to this section  to  an  individual,  and  every
    15  license  in  effect  prior to January first, two thousand seven that was
    16  issued pursuant to this section to an individual, who  was  born  in  an
    17  even  numbered  year,  shall expire on the individual's birthday in each
    18  even numbered year.  Every such license may be renewed for  the  ensuing
    19  period  of  twenty-four  months  upon  the  filing  of an application in
    20  conformity with this subsection. The superintendent may issue such rules
    21  and regulations as the superintendent deems necessary to  implement  the
    22  terms of this subsection.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD11823-05-8
        A. 8484--A                          2
     1    §  2.  Paragraph  1 of subsection (g) of section 2104 of the insurance
     2  law, as amended by chapter 442 of the laws of 2012, is amended  to  read
     3  as follows:
     4    (1)  Every  insurance broker's license issued pursuant to this section
     5  to a business entity shall be for a term expiring on the  [thirty-first]
     6  thirtieth  day  of [October] June of [even-numbered] odd-numbered years.
     7  On and after January first, two thousand  seven,  every  license  issued
     8  pursuant  to  this section to an individual, and every license in effect
     9  prior to January first, two thousand seven that was issued  pursuant  to
    10  this  section  to  an  individual, who was born in an odd numbered year,
    11  shall expire on the individual's birthday in each odd numbered year.  On
    12  and after January first, two thousand seven, every license issued pursu-
    13  ant  to this section to an individual, and every license in effect prior
    14  to January first, two thousand seven that was issued  pursuant  to  this
    15  section  to  an individual, who was born in an even numbered year, shall
    16  expire on the individual's birthday in each even  numbered  year.  Every
    17  such license may be renewed for the ensuing period of twenty-four months
    18  upon  the  filing  of an application in conformity with this section. In
    19  the case of a license issued to a new applicant, the superintendent  may
    20  issue  a  license  for  a term of more than two years, provided however,
    21  such term shall not exceed thirty months. The superintendent  may  issue
    22  such  rules  and  regulations  as  the superintendent deems necessary to
    23  implement the terms of this subsection.
    24    § 3. This act shall take effect on July 1, 2019; effective  immediate-
    25  ly,  the superintendent of financial services shall promulgate any rules
    26  and regulations necessary for the  implementation  of  this  act  on  or
    27  before such effective date.