Topic: New York Developments

New Insurance Platforms Arguably Require Producer Licenses

New York Associate Zachary Lerner authored a Law360 article on commission sharing, referral fee and producer licensing issues.  Within the article, Mr. Lerner identifies important issues for insurers and producers to consider, both in the admitted and surplus lines insurance markets, with respect to the sharing of commissions and whether proper licenses should be obtained in light of the NAIC’s recent comments regarding Lemonade Insurance Company’s application-based platform. The complete Law360 article is available here (subscription may be...

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NY DFS Cybersecurity Regulation Exemption Deadline Extended

As previously reported, covered entities (including insurance companies and producers, and other licensees including individuals) that are subject to an exemption under the New York Department of Financial Services Cybersecurity Regulation were required to file a Notice of Exemption by September 27, 2017.

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Insurance and Reinsurance Newsletter – September 2017

Locke Lord’s Insurance & Reinsurance Newsletter provides topical snapshots of recent developments in the fast-changing world of insurance. For further information on any of the subjects covered in the newsletter, please contact one of the members of our Insurance team.

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New York Department of Financial Services Offers Online Relicensing

The New York Department of Financial Services now allows agents and brokers whose licenses have lapsed/expired within the previous two years to submit an online application to be re-licensed.  The online system will help to expedite the re-licensing process.  Previously, re-licensing required a paper application. The re-licensing process is open to property/casualty and life and/or accident/health agents and brokers, as well as life and general consultants and life settlement brokers.  A resident licensee seeking to be re-licensed must complete a re-licensing exam or hold another license for the same lines of authority being applied for.  Non-residents seeking re-licensing must be in good standing in their home state. Link:...

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