NY | The Excess Line Association of New York sends a renewal reminder for all excess line brokers. All current excess line broker business entity licenses (corporation, LLC, or partnership) expire on October 31, 2018. Renewal licenses will not be mailed out by the New York State Department of Financial Services (DFS). License renewal applications for broker business entities for the 2018-2020 licensing period are available online.
Individual excess line broker licenses expire on the licensee’s birthday in even numbered years for individuals born in even numbered years and in odd numbered years for those born in odd numbered years. A note of caution to individual excess line broker licensees: If you operate your business as a corporation, partnership or LLC, the entity must be the licensee. Don’t use your Individual Excess Line Broker License to place business when an entity is selling, soliciting or negotiating insurance contracts, gets paid commissions and holds premium trust funds in its name.
To read the complete bulletin, click here.