NY | The Excess Line Association of New York (“ELANY”) reminds all current excess line broker business entities that their licenses expire on October 31, 2018. The New York Department of Financial Services (“DFS”) will not be mailing any renewal license applications for 2018 license renewals.
License renewal applications for broker business entities for the 2018-2020 licensing period will be available mid-July online.
To avoid delays in the processing of affidavits and excess line documentation after November 1, 2018, it is advised to remember to renew your excess line broker business entity license prior to October 31, 2018.
Individual Excess Line Broker Licensees
Individual excess line broker licenses expire on the licensee’s birthday in even or odd numbered years, based on the individual’s birth year.
A note of caution: 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. The entity must be licensed to be in compliance with New York law.
For more information, click here.
To learn more about how ILSA can help you with your license renewals, click here.