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 S05237 amends the New York insurance law to allow the superintendent of financial services to grant three continuing education credit hours to insurance licensees for their active membership in a statewide professional insurance producer association. This provision aims to recognize the educational and professional development efforts of these associations, which play a significant role in promoting ethical practices and professionalism within the insurance industry. The bill outlines specific criteria for what constitutes a qualifying association and the requirements for licensees to receive the credits.
Impact
The passage of this bill would create a new pathway for insurance licensees to earn continuing education credits, potentially increasing their engagement with professional associations. It would also formalize the role of these associations in the continuing education process, thereby enhancing the overall standards of practice within the insurance sector. This change could lead to improved professionalism and ethical standards among insurance producers in New York.
Sentiment
The sentiment surrounding Bill S05237 appears to be generally positive, as it supports professional development within the insurance industry. However, there may be some concerns regarding the specific criteria for associations and how they may affect smaller or newer organizations that do not meet the ten-year existence requirement.
Contention
Notable points of contention may arise regarding the definition of 'active membership' and the stringent requirements for associations to qualify for the credit system. Some stakeholders may argue that the ten-year requirement could disadvantage newer associations that provide valuable educational resources but do not yet meet the longevity criterion. Additionally, there may be discussions about the administrative burden placed on associations to report compliance with the superintendent's requirements.
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.