Jul 2, 2020

DFS extends licensing expiration date

The New York State Department of Financial Services today announced that it is extending the suspension of the expiration of individual producer licenses, and the suspension of the requirement for a monitor for online prelicensing and continuing-education exams, through Friday, Aug. 7, 2020.  

At the end of this 30-day period, all licenses that would have expired will automatically expire unless the producer has submitted a license renewal application, including completion of all necessary continuing-education credits, before that date. This extension is granted as a result of the challenges insurance producers are facing obtaining the requisite number of CE credits in advance of their license expiration dates during the COVID-19 pandemic.

DFS issued Insurance Circular Letter No. 9 (2020) on March 25, 2020, , and Supplement No. 1 to Insurance Circular Letter No. 9 (2020), on May 21, 2020, relating to “Coronavirus and Insurance Producer Licensing Requirements.” Insurance Circular Letter No. 9 (2020) suspended the expiration of licenses for all individual producers for 60 days, from March 25, 2020, through May 24, 2020; waived any late fees resulting from-—and accruing during—this 60-day period; and suspended the requirement that a monitor be present to complete producer continuing-education and pre-licensing course exams online during this 60-day period. 

Supplement No. 1 to Insurance Circular Letter No. 9 (2020) extended the relief provided in Insurance Circular Letter No. 9 (2020) for an additional 45 days, through July 8, 2020. It is being extended once again until next month.