Aug 10, 2020

DFS extends licensing expiration date

The New York State Department of Financial Services announced last week that it is extending the suspension of the expiration of individual producer licenses through Sunday, Sept. 6, 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 also is extending the suspension of the requirement that a monitor be present to complete producer CE and prelicensing course exams online for an additional 90 days, through Thursday, Nov. 5, 2020.

This is an update to Insurance Circular Letter No. 9 (2020), issued by DFS on March 25, 2020, Supplement No. 1 to Insurance Circular Letter No. 9 (2020), issued by DFS on May 21, 2020, and Supplement No. 2 to Insurance Circular Letter No. 9 (2020), issued by DFS on July 2, 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 CE and prelicensing 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. Supplement No. 2 to Insurance Circular Letter No. 9 (2020) extended the relief provided in Insurance Circular Letter 9 (2020) for an additional 30 days, through Aug. 7, 2020.