Relates to authorizing the superintendent of financial services to grant three credit hours of continuing education for a licensees' active membership in a statewide professional insurance producer association.
Summary
Bill A05085 amends the New York insurance law to allow the superintendent of financial services to grant three credit hours of continuing education for insurance producers who maintain active membership in a statewide professional insurance producer association. This provision aims to incentivize insurance professionals to engage with professional organizations that promote ethical practices and ongoing education within the industry. The bill outlines specific criteria for what constitutes a statewide professional insurance producer association and the requirements for active membership, including participation in educational programs and adherence to a code of ethics.
Impact
The bill modifies the continuing education requirements for licensed insurance producers in New York by introducing a new pathway to earn credit hours through active membership in recognized professional associations. This change is expected to enhance the professional development of insurance producers and may lead to improved standards within the industry as members engage in ethical practices and education. It also establishes a formal recognition of professional associations that meet the outlined criteria, potentially increasing their influence and membership.
Sentiment
The sentiment surrounding Bill A05085 appears to be generally positive, as it supports the professional development of insurance producers and encourages ethical practices within the industry. However, there may be some concerns regarding the administrative burden on the superintendent to verify membership and compliance with the new requirements, which could be a point of discussion among stakeholders.
Contention
Notable points of contention may arise regarding the definition and criteria for what constitutes a 'statewide professional insurance producer association.' Some may argue that the requirements are too stringent, potentially excluding smaller or newer associations from being recognized. Additionally, there may be concerns from insurance producers about the feasibility of meeting the new requirements for continuing education credits, especially if they are already engaged in other forms of professional development.
Same As
Relates to authorizing the superintendent of financial services to grant three credit hours of continuing education for a licensees' active membership in a statewide professional insurance producer association.
Relates to authorizing the superintendent of financial services to grant three credit hours of continuing education for a licensees' active membership in a statewide professional insurance producer association.
Relates to authorizing the superintendent of financial services to grant three credit hours of continuing education for a licensees' active membership in a statewide professional insurance producer association.
Relates to authorizing the superintendent of financial services to grant three credit hours of continuing education for a licensees' active membership in a statewide professional insurance producer association.
Insurance: producers; continuing education credit carryover system for insurance producers who belong to a professional insurance association; provide for. Amends sec. 1204c of 1956 PA 218 (MCL 500.1204c).
Insurance: producers; continuing education credit carryover system for insurance producers who belong to a professional insurance association; provide for. Amends sec. 1204c of 1956 PA 218 (MCL 500.1204c).
Provides that persons engaged in activity for which a license or other authorization from the superintendent of financial services is required under the banking law or financial services law will be subject to a civil penalty.
Provides that persons engaged in activity for which a license or other authorization from the superintendent of financial services is required under the banking law or financial services law will be subject to a civil penalty.