State RegulationsNY specificDifficulty 2/5
A New York insurance producer wants to renew her license. Under the New York Insurance Law, the renewal application should be filed with the Department of Financial Services at least how long before the license expiration date?
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Answer & full 3-part explanation (select an option above, or peek)
Why A is correct
Under N.Y. Ins. Law §2103(j)(10), a producer's renewal application should be submitted to the Superintendent of Financial Services at least 60 days before the license expiration date. A late renewal also carries a $10 late fee, and a producer whose license has lapsed must not transact new insurance business until it is renewed.
Why the other options are wrong
- B) 30 days is the window an insurer has to report a for-cause agent termination to the Superintendent under N.Y. Ins. Law §2112(d), not the renewal filing deadline.
- C) 15 days is the appointment-notice window under N.Y. Ins. Law §2112(b), not the renewal deadline.
- D) Renewal is a pre-expiration filing; the 60-day benchmark of §2103(j)(10) runs before the expiration date, not after it.
Memory hook
Renew 60 days out and remember the $10 late fee; 15 and 30 belong to appointments and termination reports.