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Financial Services Law Insights and Observations

NYDFS suspends license expiration for individual insurance producers for 60 days

State Issues Covid-19 New York NYDFS Licensing Insurance Licensing

State Issues

On March 25, the NYDFS suspended the license expiration of all individuals who are licensed insurance producers – brokers, agents, intermediaries and other persons required to be licensed in order to sell, solicit or negotiate insurance in New York – for 60 days. The NYDFS issued the temporary suspension in light of the hardship that individuals may face obtaining the continuing education credits required for license renewals. At the end of this 60-day period, all licenses that would have expired without the extension will automatically expire unless the producer has submitted a license renewal application and completed all necessary continuing education credits.

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