Supplement No. 1 to
Insurance Circular Letter No. 9 (2020)
May 21, 2020
|TO:||All Producers Licensed by the New York Department of Financial Services (“DFS”)|
|RE:||Coronavirus and Insurance Producer Licensing Requirements|
STATUTORY AND REGULATORY REFERENCES: N.Y. Insurance Law Article 21
This is an update to Insurance Circular Letter No. 9 (2020) relating to “Coronavirus and Insurance Producer Licensing Requirements” issued by DFS on March 25, 2020. Insurance Circular Letter No. 9 (2020) suspended the expiration of licenses for all individual producers for 60 days, from March 25, 2020 through May 24, 2020; waived any late fees resulting from, and accruing during, this 60-day period; and suspended the requirement that a monitor be present to complete producer continuing education and pre-licensing course exams online during this 60-day period.
As producers continue to face challenges in obtaining the requisite number of continuing education credits in advance of their license expiration dates as a result of the COVID-19 pandemic, DFS hereby extends the relief provided in Insurance Circular Letter No. 9 (2020) for an additional 45 days, through July 8, 2020. At the end of this 45-day period, all licenses that would have expired but for this extension will automatically expire unless the producer has submitted a license renewal application, including completion of all necessary continuing education credits, before that date.
Very truly yours,
Ellen R. Buxbaum
Director, Producer Supervision and Enforcement Unit