Key Takeaways
- New York insurance licenses are valid for 2 years and must be renewed before expiration
- Renewal requires 15 hours of continuing education for Life, Accident & Health producers
- Licenses not renewed within 1 year of expiration require retaking the state exam
- Address changes must be reported to DFS within 30 days
- DFS can discipline licensees for violations including suspension, revocation, or fines
License Maintenance and Continuing Education
New York insurance licenses require ongoing maintenance through continuing education and timely renewal.
License Terms and Renewal
| Item | Requirement |
|---|---|
| License Term | 2 years |
| Renewal Fee | $40 |
| Late Renewal (within 90 days) | $40 + penalty |
| Expired 90 days - 1 year | May reinstate with CE and fees |
| Expired Over 1 Year | Must retake exam |
Continuing Education Requirements
New York requires 15 hours of continuing education (CE) every 2 years for Life, Accident & Health:
CE Requirements
| Requirement | Hours |
|---|---|
| Total CE Hours | 15 |
| Ethics (required) | 1 hour minimum |
| Electives | Remaining hours |
| CE Period | 2 years (matches license term) |
CE Course Requirements
- Must be completed at DFS-approved providers
- Online and classroom options available
- Cannot repeat same course within 2-year period
- CE must be completed BEFORE license expiration
- Courses must be relevant to license type held
Exam Tip: New York requires 15 hours of CE with at least 1 hour of ethics. This is less than some states that require 24+ hours.
Renewal Process
- Complete CE before expiration date
- Submit renewal through DFS online system
- Pay renewal fee ($40)
- Receive renewed license
Late Renewal Consequences
| Timing | Consequence |
|---|---|
| Before expiration | Normal renewal |
| Up to 90 days late | Penalty fee, cannot practice until renewed |
| 90 days - 1 year late | May reinstate with CE, fees, possible additional requirements |
| Over 1 year late | Must retake licensing exam |
Reporting Requirements
New York producers must notify DFS of changes within 30 days:
- Change of business address
- Change of residence address
- Change of name
- Administrative actions by other states
- Criminal charges or convictions
Failure to Report
Failure to report changes within 30 days is a violation of NY Insurance Law and may result in disciplinary action.
Disciplinary Actions
DFS can take disciplinary action against licensees for violations:
Types of Discipline
| Action | Description |
|---|---|
| Warning Letter | Minor first offense |
| Probation | License continues with conditions |
| Suspension | Temporary loss of license |
| Revocation | Permanent loss of license |
| Fine | Monetary penalty |
| Restitution | Payment to harmed parties |
Common Violations
- Misrepresentation to clients
- Failure to disclose material information
- Commingling of funds
- Unauthorized transactions
- Failure to maintain CE requirements
- Felony conviction
License Status
| Status | Meaning |
|---|---|
| Active | License current and in good standing |
| Inactive | Not actively practicing |
| Expired | License term ended, not renewed |
| Suspended | Temporary disciplinary action |
| Revoked | License permanently cancelled |
| Surrendered | Voluntarily gave up license |
Reinstating a License
To reinstate an expired or inactive license:
- Complete any outstanding CE
- Pay required fees
- Submit reinstatement application
- Pass background check if required
How many hours of continuing education does New York require for Life, Accident & Health license renewal?
Within how many days must a New York insurance producer report an address change to DFS?
What happens if a New York insurance license expires and is not renewed for more than 1 year?