can a lawyer in nys be an insurance broker? how

Yes. In order to receive commissions while acting as an insurance agent or insurance broker, an attorney must be licensed accordingly pursuant to Section 2102 and 2103 or 2104 of the New York Insurance Law. Facts: None presented. Analysis:

Full Answer

Can a natural person become an insurance broker in New York?

N.Y. Ins. Law § 2104 (b) (1) (McKinney 2001-2002 Interim Pocket Part) requires a firm, and thus an LLC, that is licensed as an insurance broker to name a natural person as a sub-licensee, who must be qualified, as described in § 2104, to obtain an insurance broker’s license. Section 2104 (b) (1) states in relevant part:

Can a limited liability company have an insurance broker license?

1) A limited liability company that is licensed as an insurance brokerage must name at least one member as a sub-licensee who is qualified to obtain an insurance broker’s license, pursuant to N.Y. Ins. Law § 2104 (McKinney 2001-2002 Interim Pocket Part).

How to become an insurance agent in New York?

Step 1. Which Insurance Licenses Do You Need? Getting your New York insurance license is the first step to becoming an insurance agent in New York.

Can a company be an insurance consultant in New York?

It is impermissible for a person, firm, association or corporation to hold itself out as an insurance consultant, receive any fee for examining policies, or make recommendations with regard to insurance in New York without being licensed as an agent, broker or consultant, even though employed by a company that is itself licensed.

Can a lawyer be a life insurance agent?

under law an Advocate cannot to do a work other than an Advocate. You may pray for suspension of your license of Advocate and then you may work as LIC Agent. only after surrendering your bar license, otherwise you'll be prosecuted for professional misconduct.

How do I become an auto insurance broker in NY?

How to Get Your New York Insurance LicenseComplete an Insurance Prelicensing Course. ... Pass Your New York Licensing Exam. ... Apply for a New York Insurance License. ... Plan to Complete Required Insurance Continuing Education (CE) Credits.

How do you become a title agent in NY?

The applicant has two possible options: an applicant must complete a New York-approved prelicensing course for title insurance agents and pass the New York title insurance agent examination. The person must complete the prelicensing course prior to sitting for the examination; OR.

Are Insurance Agents agents in law?

Insurance agents are the legal representatives of insurers, rather than policyholders, with the right to perform certain acts on behalf of the insurers they represent, such as to bind coverage. Broker: an insurance intermediary who/that represents the insured rather than the insurer.

Why do insurance agents quit?

Most agents quit because they can't get enough sales to support themselves and their families. The only way to change that is to learn how to get more leads, better leads, and follow up on them. People go on fact-finding missions online.

How much does an insurance agent make?

According to the U.S. Bureau of Labor Statistics, an insurance agent makes an average of $50,600 per year as of 2018. The position's pay can vary drastically, with the lowest 10% earning less than $27,500, and the highest 10% earning more than $125,610.

What is TLA insurance?

TLA can facilitate the purchase of a U.S.-style Title Insurance policy to protect against recording errors, liens, encumbrances, encroachments, taxes and boundary line disputes, plus fraud, misrepresentation, impersonation, secret marriages, incapacity of parties and undisclosed heirs.

How do you become a licensed title agent in Florida?

Complete Mandatory Training. To qualify for a Florida title insurance license, you must successfully complete 40 hours of state-approved classroom training within four years of submitting your application. Find a course at the Florida Division of Financial Services website.

How do you become a licensed title agent in NJ?

How to Get Your New Jersey Insurance LicenseComplete an Insurance Prelicensing Course. ... Pass Your New Jersey Licensing Exam. ... Apply for a New Jersey Insurance License. ... Plan to Complete Required Insurance Continuing Education (CE) Credits.

What is the difference between agents and brokers in insurance?

The biggest difference between an Insurance Broker and an Insurance Agent is the people/organization they represent respectively. An insurance broker represents you as the client whereas an Insurance Agent represents the company they are employed by as their client, and you become the customer.

Is insurance broker an agent or principal?

An agent is a person who represents a principal, who can be another person or a company, and act in the principal's behalf. An insurance agent represents the insurance company and an insurance broker represents the insurance applicant — both must be licensed by the state in which they conduct business.

What is a direct insurance broker?

Direct Broker means an insurance broker who for the time-being registered by the Authority to act as such, for a remuneration or fee arranges insurance for its clients with insurers; Sample 1. Sample 2.

Insurance Licensee Look-Up

To determine if an individual or entity is licensed to sell insurance in New York, use the Producer/Licensee Search option.

Cybersecurity

All entities and persons regulated or licensed by the New York State Department of Financial Services are required to file various cybersecurity notices to the Superintendent. Visit the Cybersecurity Resource Center and Producers Cybersecurity FAQs to learn more.

Fingerprinting for DFS

DFS uses IdentoGO Centers for live scan fingerprinting services. learn more on our Fingerprinting for DFS page.

Consent to Engage in Business

The Omnibus Crime Bill disqualifies anyone convicted of a criminal felony involving dishonesty or a breach of trust or anyone who has been convicted of an offense under this section from employment in the insurance industry.

Satellite Office

Insurance Law requires that each place of business established by an individual, corporation, partnership or limited liability company established by a licensee must be supervised by one or more persons licensed to do the kinds of business being transacted in that office.

Certification

Certifications for a resident New York licensee are available to Individual licensees, licensees with a TBA, and currently licensed entities via the DFS Portal Letter of Certification application. Certifications processed via the DFS Portal may be immediately printed for use. Please read the system requirements and instructions carefully.

Letter of Clearance

A Letter of Clearance (PDF) may be required when a licensee moves from New York to another state and wants to become licensed in that state.

Who must be qualified to obtain an insurance broker license?

. . . Thus, a limited liability company that is licensed as an insurance brokerage must name at least one member who is a natural person as a sub-licensee, who must be qualified under § 2104 to obtain an insurance broker’s license.

What is a limited liability company?

1) A limited liability company that is licensed as an insurance brokerage must name at least one member as a sub-licensee who is qualified to obtain an insurance broker’s license, pursuant to N.Y. Ins. Law § 2104 (McKinney 2001-2002 Interim Pocket Part). 2) A limited liability company that does not possess an insurance broker’s license may not ...

Can a limited liability company name members as sub-licensees?

A firm, and, therefore, a limited liability company, may only name individual members as sub-licensees pursuant to § 2104 (b) (2), which states: [A] license issued to a firm or association may name as sub-licensees only the individual members of such firm or association. Each sub-licensee named in such license must be qualified to obtain ...

Can a limited liability company act as an insurance broker?

With respect to the inquiry regarding a limited liability company that does not possess an insurance broker’s license, such company may not manage, supervise, direct, aid, or act as, an insurance broker because it is impermissible to perform such acts without a license pursuant to N.Y. Ins. Law §§ 2101 and 2102 (McKinney 2000).

What does it mean when a lawyer sells insurance to non-clients?

When a lawyer is selling insurance to non-clients, “ [they are]not functioning as a lawyer or dealing with individuals whom [they have] represented as a lawyer.”. And thus, the lawyer needs to make it clear that they will not have the attorney-client privilege but rather, they are an insurance agent helping them strictly with insurance.

What would disqualify an attorney from placing an investment?

Types of financial interests that would disqualify an attorney from placing an investment would be compensation from a third party or an ownership interest in the entity that issues or manages the investment. For example, Rule 5.8 prohibits lawyers who have insurance licenses to sell insurance or an annuity to their client if they will receive ...

Can a lawyer enter into a business transaction?

A lawyer should not enter into a business transaction “with a client or knowingly acquire ownership, possessory, security or other pecuniary interest adverse to a client unless: 1.. the transaction and terms….are fair and reasonable to the client and are fully disclosed…2.

Can a lawyer sell an investment?

Only will a lawyer be allowed to sell or place an investment for a client if “1. the lawyer is independently licensed to do so, AND 2. The lawyer does not have a disqualifying financial interest in the transaction.”.

Can a PA lawyer invest in a client?

In 2014, new restrictions were put on PA lawyers with client investments. Lawyers are no longer allowed to invest funds for a client if the lawyer or a family member of the lawyer receives compensation from anyone other than the client.

What is the law for selling insurance under a corporate name?

A is selling insurance under a corporate name, the corporation must be licensed as an insurance broker or agent in accordance with Article 21 of the Insurance Law. Moreover, N.Y. Ins. Law § 2324 (McKinney 2000), entitled "Rebating and discrimination", is applicable to property/casualty insurance and provides in pertinent part as follows:

Is film insurance tied to insurance?

A’s clients independent of the insurance, with no tie-in or obligation to apply for or purchase insurance, and the film products are not used as an inducement to the purchase of insurance, other than as provided in the statute with respect to articles of merchandise.

Can an insurance broker have two separate businesses?

Nothing in the Insurance Law prohibits an insurance broker from having two wholly separate businesses. However, we emphasize that an insurance broker must comply with the Insurance Law in regard to the aspect of the business that involves the sale of insurance. An insurance broker is a fiduciary of the funds that it receives or collects.

Do insurance brokers have to be licensed separately?

Thus, in accordance with the express language of the statute, an insurance broker is not required to be separately licensed as an insurance agent to perform the described activities. Although there is no specific prohibition in the Insurance Law against an insurance broker acting simultaneously as an insurance agent, ...

Is an insurance broker a fiduciary?

An insurance broker is a fiduciary of the funds that it receives or collects. Consequently, it is precluded from commingling funds received or collected in a fiduciary capacity with its own funds or with other funds that it holds in any other capacity, unless the principals have expressly consented to such commingling.

OGC Op. No. 07-03-04

The Office of General Counsel issued the following opinion on March 8, 2007, representing the position of the New York State Insurance Department.

RE: Acting as insurance consultant without a license

May an unlicensed employee of a licensed insurance consulting firm advise and consult with clients about insurance coverages?

How to become an insurance agent in New York?

Once you’ve passed your exams and completed the licensing application, you are now a licensed insurance agent in New York. A common question we hear is, “I have my insurance license, now what?” Here are a few things you can do or need to know: 1 Get a job in the insurance field. Check out StateRequirement’s Insurance Jobs board. 2 If you’re going to sell advanced life insurance products, you’ll need to have the proper securities licenses. Series 6 , Series 7, and Series 63 are the most common among insurance agents, but you’ll need to begin with the SIE (Securities Industry Essentials) exam. Find out which licenses you need with our Securities Licensing Guide. 3 Every two years, you’ll need to renew your insurance license. Check out our guides on New York Insurance License Renewal and New York Insurance Continuing Education for more details.

How long does it take to get an insurance license in New York?

If you have more than one line of authority that you have passed the exam for, be sure to apply for all of those lines. You must wait 48 hours after passing the exam to apply for your license.

How many hours do you need to get a property license in New York?

This means that if you wish to get a Property and Casualty license, you must take ninety (90) hours of pre-licensing, and for Life, Accident, and Health you must also take forty (40) hours. You will receive a certificate upon completion of the course.

Is it hard to get an insurance license?

Insurance license tests are intentionally difficult, but not impossible by any means. You should study to the point of comfortability with the information before you attempt the test. Failing the exam isn’t the end of the world, but keep in mind that you will need to pay the fee each time you attempt the test.