STATE OF NEW YORK
25 BEAVER STREET
NEW YORK, NEW YORK 10004
|George E. Pataki
The Office of General Counsel issued the following opinion on January 12, 2005, representing the position of the New York State Insurance Department.
Re: Exemption from Property and Casualty Brokers Course for Individuals with CPCU Designation
Is the holder of a Chartered Property and Casualty Underwriter ("CPCU") designation from the American Institute of Property and Liability Underwriters required to meet the pre-licensing education requirement as set forth in N.Y. Ins. Law § 2104(c)(1)(A) (McKinney 2000) before taking the Property and Casualty brokers exam?
No. Individuals with a CPCU designation are exempt from the pre-licensing education requirement for brokers as per the New York State Insurance Department Licensing Information Bulletin for Licensing Examinations February 1, 2004 and Later published in 2004.
A holder of a Chartered Property and Casualty Underwriter ("CPCU") designation from the American Institute for Property and Liability Underwriters seeks a Property and Casualty brokers license, and asked the Department if he is required to meet the pre-licensing education requirement set forth in N.Y. Ins. Law § 2104(c)(1)(A) (McKinney 2000) before taking the Property and Casualty brokers exam.
N.Y. Ins. Law § 2104 (McKinney 2000), which sets forth the requirements for obtaining an insurance brokers license in New York, states in relevant part:
(c)(1)(A) Every individual applicant for such license and every proposed sub-licensee shall be of the age of eighteen years or over at the time of the issuance of such license. No individual shall be deemed qualified to obtain such license or to be named as sub-licensee therein unless He shall have successfully completed a course or courses, approved as to method and content by the superintendent, covering the principal branches of the insurance business
(e) (1) (A) The superintendent shall, in order to determine the competency of each applicant for an insurance broker's license, other than a renewal license, and of each proposed sub-licensee, to act as insurance broker, require every such person to submit to, and pass to the satisfaction of the superintendent, a personal written examination on the branches of the insurance business relevant to such license.
(e)(1)(B) An exemption may be granted, at the discretion of the superintendent, as to all or any part of the written examination or the prerequisite course of any individual seeking to be named a licensee or sub-licensee, upon whom has been conferred, in the case of a license under subparagraph (B) of paragraph one of subsection (b) of this section, the Chartered Property Casualty Underwriter (C.P.C.U.) designation by the American Institute for Property and Liability Underwriters
Pursuant to the discretion granted the Superintendent by N.Y. Ins. Law § 2104(e)(1)(B) (McKinney 2000), the Departments 2004 publication the New York State Insurance Department Licensing Information Bulletin For Licensing Examinations February 1, 2004 and Later states that "Individuals with a CPCU designation are exempt from the prelicensing education requirements for agents and brokers." Id. at 1. Additionally, please note that the aforementioned publication states that individuals with the CPCU designation are only required to take the Laws and Rules examination (17-74 Property and Casualty Laws and Rules) in order to be licensed. Id.
For further information you may contact Supervising Attorney Lawrence M. Fuchsberg at the New York City Office.