New York state Gov. Andrew Cuomo says he vetoed a bill that could have given groups like the National Association of Insurance and Financial Advisors and the National Association of Health Underwriters a boost because he disagrees with what the bill would do.
New York state requires insurance agents and brokers to get 15 hours of continuing education credit every two years. The bill that Cuomo vetoed, state Senate Bill 4365, would give a producer up to three hours of continuing education credit every two years for being an active member of a professional group that provides regular policy updates.
Cuomo is a Democrat. New York state Sen. Neil Breslin, who’s a Democrat, was the lead sponsor. Members of the state Senate and Assembly approved the bill unanimously.
Cuomo did not explain the veto in a press release or statement, and, at press time, his veto memo was not available online.
In a copy of the veto memo sent to ThinkAdvisor.com, Cuomo says S. 4365 would require the superintendent of the New York Department of Financial Services to grant continuing education credits to producers who maintain an active membership in a professional insurance association.
“Continuing education credits are intended to ensure that these producers are always operating at a competent level of understanding in their respective fields,” Cuomo says in the veto memo. “This bill would grant a producer those continuing education credits only for joining an association. I do not believe it is good public policy to trade away necessary and valuable learning opportunities in the form of continuing education credits as an inducement to drive membership at dues-collecting organizations. For this reason, I must veto this bill.”
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