The New York State Department of Financial Services (DFS) has launched a new online-application process it says will “speed the relicensing” of insurance agents and brokers whose original licenses have been expired for more than two years. The online relicensing process is available to property/casualty and life and/or accident/health insurance agents and brokers, as well […]
The New York State Department of Financial Services (DFS) has launched a new online-application process it says will “speed the relicensing” of insurance agents and brokers whose original licenses have been expired for more than two years.
The online relicensing process is available to property/casualty and life and/or accident/health insurance agents and brokers, as well as life and general insurance consultants, and life-settlement brokers, DFS said in a news release.
“DFS continues to implement and leverage technology to better serve the department’s regulated persons and the New Yorkers they serve,” Maria Vullo, financial-services superintendent, said in the release. “The DFS relicensing process is now significantly more efficient compared to the old paper-based system. DFS will continue to modernize its processes to better serve consumers across New York State.”
The DFS offers a next-business-day turnaround for applicants with no “disqualifying conditions,” such as disciplinary actions in other states.
The department will require applicants to “attest to the completion” of pre-qualifying courses and furnish course numbers.
Lapses in individual licenses may occur for various reasons, such as the result of career changes or for personal reasons.
DFS relicensed more than 1,200 agents and brokers in 2016, the department said.
New York state residents seeking relicensing must have completed a relicensing exam within the last two years or hold another license with the same lines of authority being applied for in the relicensing application.
Non-residents must be in good standing and currently licensed in their declared home state with the same lines of authority being applied for in their New York re-licensing application.
Licenses, which will no longer be mailed upon issuance, can now be printed by licensees through the online system.
The relicensing of individuals whose licensing expired is one of a number of licensing transactions available through the DFS website, the department said.
Other available online-licensee transactions include filing an original application to act as an individual agent or broker, renewing an individual license, or changing individual licensee-address information.