New York State Seal
STATE OF NEW YORK
INSURANCE DEPARTMENT

25 BEAVER STREET
NEW YORK, NEW YORK 10004

Eliot Spitzer
Governor
Eric R. Dinallo
Superintendent

The Office of General Counsel issued the following opinion on May 3, 2007, representing the position of the New York State Insurance Department.

Re: Displaying an Insurance License

Question Presented:

Is an insurance agent or broker required to display his or her license in his or her office?

Conclusion:

Yes. Pursuant to § 34.5 of N.Y. Comp. Codes R. & Regs. tit. 11, pt. 34 (2003) (Regulation 125), an insurance agent or broker must prominently display the license or licenses of the supervising person or persons responsible for that office. While the Insurance Law and regulations promulgated thereunder do not require other insurance agents or brokers in an office to display their licenses, the Department is of the view that it is a good practice for each licensee to do so.

Facts:

The inquiry is of a general nature, without reference to particular facts.

Analysis:

N.Y. Ins. Law § 2129 (McKinney 2006) applies to insurance agents and brokers. It reads as follows:

(a) Each place of business established by the holder of an agent and/or broker license shall be under the supervision of one or more persons licensed to do the kinds of business transacted in that office. The headquarters location must be supervised by one or more persons licensed to do all the kinds of business for which the licensee is authorized. Any satellite office established by a licensee must be supervised by one or more persons licensed to do the kinds of business to be transacted in that office.

(b) Written notice shall be given to the superintendent containing the location of each satellite office and the licensed person or persons responsible for each satellite office.

11 NYCRR § 34.5 of Regulation 125 pertains to the location of an insurance agent or broker at each place of insurance business. It states:

In a headquarters location and each satellite office, the establishing agent or broker must prominently display the license or licenses of the supervising person or persons responsible for that place of business.

Thus, the license of the supervising person of each office must be prominently displayed in the office. While the Insurance Law and regulations promulgated thereunder do not expressly require other insurance agents or brokers in an office to display their licenses, the Department is of the view that it is a good practice for each licensee to do so.

For further information you may contact Associate Attorney Pascale Jean-Baptiste at the New York City Office.