BILL NUMBER: S5237
SPONSOR: COMRIE
 
TITLE OF BILL:
An act to amend the insurance law, in relation to the granting of
continuing education credits by the superintendent of financial services
 
PURPOSE:
To provide that insurance producers can earn 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 three 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 license
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.
 
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 three credit hours of an insurance produc-
er's legal continuing education requirement for membership in good
standing of a qualified association.
 
LEGISLATIVE HISTORY:
2017 - A7012 introduced & referred to Assembly Insurance. Companion bill
S3960 passed Senate 62-C
2018 - A7012B Passed Assembly 120-0 Substituted for 83960A & passed
Senate 62-1. Vetoed by the Governor due to the amount of CE credits
granted.
2019 S.4365 - reintroduced with credit amount reduced from six to three.
2021/22: 53576 Referred to Insurance
2023/24: S2815 Breslin- referred to insurance
 
FISCAL IMPLICATIONS:
None.
 
EFFECTIVE DATE:
Immediately

Statutes affected:
S5237: 2132 insurance law, 2132(c) insurance law