New York Insurance Requirements.
This information is intended to provide answers to commonly asked questions by insurance agents. It is not intended to replace detailed information found in your state’s statutes and regulations. Though we have made reasonable efforts to ensure that the information given is reliable and current, we cannot guarantee that it is. For more information please contact your state insurance department. See contact information below.
• 15 credit hours biennially for a single license
• 30 credit hours biennially for combined L/H and P/C (this requirement can be satisfied with 15 credit hours of courses that satisfy all license types, i.e. bridge courses - See "Course Subject Requirements" below)
The renewal application is the same for both residents and non-residents. On the CE page of the application, the resident producer would answer question A and the non-resident producer would answer question B which allows them to attest being in compliance in their home state. If there is a question about the veracity of the attestation, NIPR will be checked. The renewal application can be found here.
Licenses expire on the agent's birthday in even or odd years. Agents born in even years will renew in even years. Agents born in odd years will renew in odd years. To look up your license renewal date you may visit the Online Producer Services page on the New York State Insurance Department's website by clicking here.
Approved Course Delivery Methods
• Written and Online self-study courses (passing grade of 70% required on final exam)
• Interactive Online
Self-study final exams have monitor requirements. The monitor must be a state approved individual or organization. Click here for monitor information or to find a state approved monitor in your area.
A New York State Approved Monitor must be present before entering the final exam. The exam is a closed-book exam under the observation of a New York Approved Monitor.
Interactive Online courses - The exam Monitor must complete the monitor form in its entirety before the exam is accessible. Upon completion of the exam, both monitor and student will sign an electronic attestation stating that the course was completed without assistance and observed by the monitor during the exam taking process. Upon successful completion, the student will be able to print the certificate of completion for the course. Credits will be reported the next business day to the NY DOI.
Self-study Online courses - The exam Monitor must complete the monitor form in its entirety before the exam is accessible. Upon completion of the exam, both monitor and student will sign an electronic attestation stating that the course was completed without assistance and observed by the monitor during the exam taking process. Upon successful completion, the student will be able to print the certificate of completion for the course. Credits will be reported the next business day to the NY DOI.
Self-study Textbook courses - A final exam packet will be included with the self-study textbook. The exam packet is to be opened by the state approved monitor ONLY. Upon completion of the final exam, fax or mail your paper answer form along with the affidavits of completion signed by monitor and student to Cape for processing.
Course Subject Requirements
• Courses must be approved for lines of insurance for which license is held.
• LH/PC-combined licensees must complete the full CE requirement in courses approved for LH and the full CE requirement for PC. Courses that are approved for both P/C and L/H ("bridge courses") may be simultaneously applied to the L/H requirement & the P/C requirement, if taken within the biennial licensing period.
• According to Section 207 of the Flood Insurance Reform Act of 2004 all New York licensed resident insurance producers who sell federal flood insurance policies shall be required to complete a one time 3 hour requirement on flood insurance.
One Time Annuity Requirement - Regulation 187 (Part 224 of Title 11 of the Official Compilation of the State of New York) requires insurers to set forth standards and procedures for recommendations to consumers with respect to annuity contracts so that the insurance needs and financial objectives of the consumers are appropriately addressed. These standards and procedures are substantially similar to the NAIC Suitability in Annuity Transactions Model Regulation. It is the responsibility of the producer to know the annuity training requirements of the insurance company with whom he or she works. The insurer with whom you are appointed to sell annuities will determine if they will require you to take the Annuity Suitability training course per NY Regulation 187 which is effective August 1, 2019.
Public Adjusters are licensed as a general consultant needing 15 hours of CE biennially.
Excess credit hours may not be carried over to the next reporting period.
Effective January 1, 2009, a licensee will no longer receive credit for any course previously completed for continuing education credit. Enforcement of this policy will begin with every license renewal or relicensing application processed after January 31, 2009. Licensees must maintain records of completed continuing education courses and will be held responsible if a course is repeated.
• Non-resident agents whose home state requires CE and has a reciprocal agreement with New York.
• Individuals who have limited line license for which an exam is not required in New York
• Newly licensed individuals are exempt for the 1st compliance period.
Independent Adjusters do not need to complete CE.
Cape School, as a NYDFS Approved Provider of Insurance Education, will be providing the certification necessary to participate in the NY Exchange. Cape School, as a NYDFS Approved Provider of Insurance Education, will be providing the certification necessary to participate in the NY Exchange. The certification consists of two 8 hour classes developed by NYHBE and NYDFS. The first class, 8 hour NYHBE SHOP Certification is for small group (2-50 employees) health insurance and another for the Individual Market(still being developed by NYHBE and NYDFS). The class will conclude with a 50 question final exam that must be passed (70) in order to receive certification and continuing education. Producers cannot initiate the certification process with the NYHBE until the NYDFS receives the certification course completion.
Below is some information about the Exchange and how it will impact you, the Producer.
Affordable Care Act
In March 2010, President Obama signed into law the Affordable Care Act (ACA) of 2010. The ACA relies heavily on state and local implementation which impacts many areas of health care. The ACA will be rolled out over time with full implementation by the end of 2016.
In June of 2012 the Supreme Court upheld the constitutionality of the ACA allowing the ACA to take steps forward and begin implementation.
Two of the major goals of the law are:
- To increase the access to health care insurance coverage for all United States citizens and legal immigrants. One of the key parts of this law is that it will open up health care options for those who did not have insurance before. There are millions of people in the US who in the past couldn’t afford health care; this new law will open up several affordable options to these people.
- Introduce new protections for people who have health insurance.Another key factor in this law is that protections were developed for all US citizens. For example health insurance companies will no longer be able to deny coverage because of preexisting conditions such as a heart condition.
The act will not provide every person in America with insurance. However, it is projected to allow an additional 32 million individuals throughout the United States to gain coverage. In the state of New York the ACA will enable about 1.1 million people to acquire coverage.
Cape will report credits to the NY Department of Insurance within 30 days of course completion. A course completion certificate is provided for the agent’s records.
If you have any questions regarding renewal or credits, please contact:
New York Department of Financial Services
One Commerce Plaza
Albany, NY 12257
(518) 474-6600 or (212) 480-6400
Cape School, Inc.
P.O. Box 169
Buckingham, VA 23921
Or email us below