January 22, 2009 
IIABNY Works with NYSID on Transitioning to Single Producer License
IIABNY is in discussions with the state Insurance Department on transitioning from the current licensing system, in which agents and brokers have multiple licenses, to a single producer license as used in most other states. IIABNY first discussed the transition with the department during the previous legislative session and after a bill was introduced at NYSID's request. The legislation would have increased an insurance producer's continuing education requirements from 15 to 24 credits and add other licensing lines of authority. The bill, which failed to pass during the 2008 session, would have brought New York in conformity with the majority of other states in adopting uniform licensing standards. IIABNY was concerned the legislation did not include a change to a single producer license. In response to those concerns, the department said it would change its system to a single producer license when the transition to birth-date license renewals is completed. IIABNY's recent discussions with state regulators centered on including business entity licenses, as well as individual licenses, as part of the change to a single producer license and single renewal date. The association will be working with the Insurance Department to make the necessary statutory changes to accomplish this change. Department Close to Releasing Proposal on Producer Compensation Disclosure
In a recent meeting with Insurance Department representatives, IIABNY learned that the department expects to share a draft regulation on producer compensation disclosure by the end of February. IIABNY will then be able provide comments on the proposal to the Insurance Department before the rule is published for formal comment. The association continues to advocate for voluntary compensation disclosure and will keep members updated on this important issue. Legislature Makes Committee Assignments
The New York Senate and Assembly held very brief sessions on Wednesday, but the Senate announced committee assignments for both Republican and Democratic members. Here's the list of Senate Insurance Committee members: Majority Members | | Minority Members | Neil Breslin, Chairman | | James Seward, Ranking Member | William Stachowski | | Kenneth LaValle | Carl Kruger | | William Larkin | Ruben Diaz | | James Alesi | Kevin Parker | | Vincent Leibell | John Sampson | | Martin Golden | Antoine Thompson | | Catharine Young | Craig Johnson | | Roy McDonald | Pedro Espada | | | Hiram Monserrate | | |
Legislature Considers More Budget Cuts
Legislative leaders are holding behind-the-scenes discussions on how to cut more than $1 billion from the current state budget. If adopted, the cuts would be the second round of mid-year budget reductions. The legislature agreed to reduce the budget in August but could not concur on further cuts when lawmakers met in the fall. Agreement on these latest reductions is expected by early February. At the same time, Joint Legislative Budget Committee hearings on Gov. David Paterson’s proposed 2009-2010 budget are also taking place.
Governor Issues Budget Amendments
Gov. Paterson issued 30-day amendments to his executive budget that are primarily technical in nature. There is no change in the part of the budget that drastically increases the penalties for violations of the insurance law, imposes a fingerprinting requirement for insurance producers and increases the motor vehicle law enforcement fee. IIABNY continues to advocate for these items to be removed from the budget.
Recent Legislation | 
