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New York Accident & Health Insurance 2024/2025 already graded A+
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New York Accident & Health Insurance 2024/2025 already graded A+
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New York Accident & Health InsuranceAgent Licesne - ANSNoone can sell insurance without license but you dont need to pass test if
you are employees of licesed insurance agent wh do nt solicit, licensed attorneys, actuaries or
cpas who provid ino, regular salaried implyees who devote little tie, an agent oof a graternal
benefit society
- must be 18, pass 540 hr course
- pass state exam
- Application must be submiteed w in 2 years
- renewal every 2 years on birthday
Certificate of appointment - ANSif a license is granted to an corporation, , only the officers and
directors named on the license can act as agents, but they can sub license agents. Every time a
new agent comes on boad, they need a certificate of appointment from the state
License Term for Agent - ANS2 years; can be suspended or revoked by superintendent,
terminated by insurer, fails to file a renewal application, it can be terminated;
Must be able to be furnished on request, the head agent must display in the office; if no
certificate of appointment is filed, the license is inactive
Consultant - ANSAllows a person with a license to charge a fee for providing advice
- if given to an indivual, it experires every 2 yrs on the birthday
- if issued to a business entity, it expires on March 31st for life insurance in an odd yyear and
general insurance in an even year
- can only recieve a fee if there's a written contract with the person they are providing advice
Adjuster License - ANSacts on behalf of th insurer to investigata and sjust claims arising under
insurance contracts issued by the insurer
Non Resident - ANSan individual who is a non resident of NY and who is licensed or authorized
to act as an insurance agent in the state in which he resides. If a licenced non residnent moves
to NY, he has 90 days to apply for his license w/o taking exam
Temporary License - ANSCan be issued to spouse of deceased or next of kim from a disability
Tremination of License - ANSCan be done by superintendent for:
-providing incorrect or misleading materially untreu info in licesne app
-violating any insurance laws
- stealing money
- having been convicted of a felony
- any dihonest practices
- Have a producer or life settlement license denied or revoked in any other state
, - Forging
- Failing to comply with child support payments
To terminate a license, a superintendent must - ANSprovide a written notice to the licensee of a
hearing before the license an be suspended. For a broker, its not less than 10 days after notice
is provided for the hearing. If there's an action against the producer, he must notify the super
within 30 days. You cant go into another state and start practicing either
Appointment and Termination of Appointment - ANSAll insureres myst file a ciertificate of
appointment in order to appoint insurance agents. Then you have 15 days to appoint a producer
from the date the agency contract is executed. If you've been fired, you have 30 days to tell the
super why you were fired and then the super has 15 days to send the info back to you
confirming it,
Change of Address time frame - ANSa licensee has 30 days to inform dept of insurance
Reporting of Action - ANSmust report to dept of insurance w in 30 days of any administrative
action
Continuing Ed - ANSmust to 15 hrs every 2 years
Powers of the Superintendent - ANShe has the power to promote the public welfare and
administer and enforce all laws
appointed by the governor
Not responsible for assessing punitive damages to thos who break insurance laws. (this is the
responsibility of the state legislative bodies
- Can suspend, revoke or non renew the liceses but only after a hearing
- Examine and regulate an inusrance co for solvency and examine the books
-issue insurance licenses
- regulate and approve life and health insurance rates
- direct insurance department hearings based on grievances from sonsumers or consumer
rights organizations
- if the super thinkgs that a hearing is necessary, he has to give 10 days written notice of
hearing to the licensee
- regulate all advertising
- determine reserve amounts
- issue a cease and desist order - if there's a violation of stat law, can also fine up to 5k for every
violation
- report illegalities to the attorney general who will prosecute
- conduct hearings; failure to appear is a misdemeanor
Defined Violation - ANSperforming an act prohibited by NY Statutes
Determined Violation - ANSa violation that's been determined after hearing
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