N.Y. Producer License Bill Nears Final OK
New York in the next several weeks is expected to become the latest state to adopt a reciprocal licensing law for nonresident insurance producers, a state Assembly source said.
Last month, the New York State Senate passed the states version of a model licensing bill during a one-day special session.
The final language in the bill was the result of a three-way negotiation involving leadership of the Republican-controlled Senate, Democrat-controlled Assembly and Republican Gov. George Pataki, said Peter Newell, an aide to Assemblyman Alexander “Pete” Grannis, D-Manhattan, who chairs the Assembly Insurance Committee.
Newell said the next session of the Assembly should be scheduled within a couple of weeks, and “when we return, we expect [the bill] to pass.”
The Independent Insurance Agents & Brokers of New York Inc. based in Syracuse, N.Y., called the action on the bill a “breakthrough moment” in the drive to adopt reciprocal laws for the licensing of nonresident insurance producers throughout the nation.