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

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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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-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          8484
                               2017-2018 Regular Sessions
                   IN ASSEMBLY
                                      June 16, 2017
                                       ___________
        Introduced by M. of A. CAHILL -- read once and referred 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:
     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.
    21    §  2.  Paragraph  1 of subsection (g) of section 2104 of the insurance
    22  law, as amended by chapter 442 of the laws of 2012, is amended  to  read
    23  as follows:
    24    (1)  Every  insurance broker's license issued pursuant to this section
    25  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
        A. 8484                             2
     1  thirtieth  day  of [October] June of [even-numbered] odd-numbered years.
     2  On and after January first, two thousand  seven,  every  license  issued
     3  pursuant  to  this section to an individual, and every license in effect
     4  prior  to  January first, two thousand seven that was issued pursuant to
     5  this section to an individual, who was born in  an  odd  numbered  year,
     6  shall  expire on the individual's birthday in each odd numbered year. On
     7  and after January first, two thousand seven, every license issued pursu-
     8  ant to this section to an individual, and every license in effect  prior
     9  to  January  first,  two thousand seven that was issued pursuant to this
    10  section to an individual, who was born in an even numbered  year,  shall
    11  expire  on  the  individual's birthday in each even numbered year. Every
    12  such license may be renewed for the ensuing period of twenty-four months
    13  upon the filing of an application in conformity with  this  section.  In
    14  the  case of a license issued to a new applicant, the superintendent may
    15  issue a license for a term of more than  two  years,  provided  however,
    16  such term shall not exceed thirty months.
    17    §  3.  This  act shall take effect on July 1, 2017, and shall apply to
    18  licenses issued or renewed on or after such date.