Applying For A Life Insurance License In New York

If you're looking to become a life insurance agent in New York, there are a few steps you'll need to take to get licensed. The process is relatively straightforward, but it's important to make sure you meet all the requirements. Here's an overview of what you'll need to do to apply for a life insurance license in New York.

Pre-licensing education requirements

To apply for a life insurance license in New York, you must meet the prelicensing education requirements. This involves completing a prelicensing education course that has been approved by the New York Department of Financial Services. The specific requirements depend on the type of insurance license you are seeking.

If you are seeking a Life, Accident, and Health Agent license, you must complete a minimum of 40 hours of instruction. This includes 20 hours for Life only and 20 hours for Accident and Health only. The course must be completed before you can take the state licensing exam.

For a Life only license, you will need a minimum of 20 hours of instruction. Similarly, for an Accident and Health only license, you will also need a minimum of 20 hours of instruction.

Kaplan is a popular provider of pre-licensing education courses, with pass rates of over 93%. Other providers include ExamFX, which offers a 20-hour internet course for the Life license and a 20-hour internet course for the Health license.

It is important to note that the course must be approved by the Superintendent of Insurance and meet the specific minimum hour requirements to be considered valid.

New York State examination

To apply for a life insurance license in New York, you must meet the state's prelicensing requirements and pass the New York State Examination. Here is some detailed information about the examination process:

To qualify for a life insurance license in New York, you must pass the licensing exam administered by PSI Services. The exam must be taken within two years of applying for the license. The exam is offered in two formats: at a physical PSI examination center or via a remote online proctored exam. It is important to note that security measures and restrictions on what you can bring will be enforced for all testing methods.

The New York Life Insurance Agent/Broker Examination consists of 100 multiple-choice questions, with a time limit of 2 hours and a passing score of 70%. This exam will cover topics related to life insurance, including insurance regulations, types of policies, and state-specific laws.

Prelicensing Education Requirements

Before taking the state licensing exam, you must complete a prelicensing course that has been approved by the NY Department of Financial Services. The prelicensing education hour requirements for life insurance are 20 hours for a life-only license and 40 hours for a life, accident, and health license. These courses can be taken online or in a traditional classroom setting.

Examination Registration and Scheduling

You can schedule your New York State Examination by visiting the PSI website or calling their phone number. It is important to note that any changes or cancellations to your testing appointment must be made at least 48 hours in advance to avoid forfeiting the examination fee.

Examination Day

On the day of your exam, you must bring two valid forms of government-issued identification, one of which must include your photograph. At the end of your exam, you will receive a printed score report indicating your overall score, grade, and whether you have passed or failed.

Applying for the License

After passing the state licensing exam, you must submit your license application to the New York Department of Financial Services within two years. Along with the application, you will need to submit any other required paperwork for the type of license you are seeking. The license fee for New York residents is $80 for a full fee and $40 for a half fee.

Application process

The application process for a life insurance license in New York involves several steps, each with specific requirements that must be met. Here is a detailed outline of the process:

Step 1: Complete a Pre-Licensing Education Course

Before taking the state licensing exam, candidates are required to complete a pre-licensing education course. This course must be approved by the Superintendent of Insurance and meet the minimum hour requirements, which vary depending on the type of insurance license being sought. For instance, a Life, Accident, and Health Agent license requires 40 hours, while a Life Agent license requires 20 hours.

Step 2: Pass the New York Licensing Exam

After completing the pre-licensing course, candidates must pass the relevant New York Licensing Exam. The exam must be taken within two years of applying for the license, and it is administered by PSI Services LLC. The exam consists of 100 or 150 multiple-choice questions, depending on the line of authority, and has a passing score of 70%.

Step 3: Submit the License Application

The next step is to submit the license application to the New York Department of Financial Services. This must be done within two years of passing the licensing exam. The application can be submitted through the National Insurance Producer Registry (NIPR) or directly through the DFS website. The application fee is typically $80 for most insurance licenses, but it varies for excess lines based on the county of residence.

Step 4: Complete a Fingerprint and Background Check

As part of the application process, candidates must also complete a fingerprinting appointment through IdentoGO, which initiates a background check to ensure compliance with New York State's insurance agent regulations. The fingerprints are valid for 10 days, so the application must be submitted promptly after the fingerprinting appointment to avoid having to redo the process.

Step 5: Await Application Review

Once the application and background check are complete, the final step is to wait for the New York Department of Financial Services to review the application. This process typically takes around three to five weeks. If there are any issues or if further information is required, the department will contact the applicant.

It is important to note that the application process may vary slightly depending on the specific type of insurance license being sought and whether the applicant is a resident or non-resident of New York.

Licensing fees

The New York life insurance license application fee is $40 for residents. Non-residents should refer to the Department's Application Fee Schedule to determine the fee for their application. The exam fee is $33, which must be paid at the time of reservation by credit card, debit card, or voucher.

All licensing fees are non-refundable. A full fee is charged when a license is issued for a licensing period of more than one year, and a half fee is charged when a license is issued for a period of one year or less.

The license will be issued for up to 2 years, with the expiration date determined by the applicant's date of birth. If the applicant is born in an even-numbered year, the license will expire on their birthday in an even-numbered year. If they are born in an odd-numbered year, the license will expire on their birthday in an odd-numbered year.

The $40 application fee must be paid online via the DFS Secure Portal. Other payment options include credit card and electronic funds transfer (e-check). If paying by paper check, the application will remain pending until the Department receives and processes the check. There is a $20 fee for any e-check or paper check returned by the bank for insufficient funds.

In addition to the application and exam fees, there is also a cost associated with the pre-license education course. The Insurance Pre-license Course Fee is $149 or more via the Kaplan Education Company.

After obtaining your license, there is an additional $80 renewal fee to keep your license valid. To avoid delays in renewing your license, you should complete the required CE hours at least 120 days before your license expires.

Background checks

Before you can submit your insurance agent license application, you must complete a fingerprinting and background check. This process is completed through IdentoGO and will initiate a background check into your past conduct to confirm that you meet New York State's insurance agent regulations.

To organise a fingerprinting appointment, go to the IdentoGO website or call (877) 472-6915. Only New York State Authorised IdentoGO Centres can be used for fingerprinting, so be aware of this when booking.

To get started with reserving your fingerprinting, you will need to use one of the following Service Codes:

• Employee Applicant: 1544H9
• Life Settlement Intermediaries: 1544K7
• Licensing of Life Settlement Providers: 1544NR
• Principal, Executive, Director of Life Settlement Providers: 1544Q5

It is important to use the Service Code that is relevant to you when scheduling your appointment. Using the wrong one will invalidate your fingerprints and require the whole process to be restarted, including paying the fee again.

You can contact the New York State Department of Financial Services (DFS) by calling (800) 342-3736 if you need to find out which Service Code applies to you.

After attending your fingerprinting appointment, you will be given two receipts. One of these needs to be attached to your insurance license application sent to the DFS, and the other is for your records.

It is important to submit your application quickly after your appointment, as the DFS will discard any scanned fingerprints if they don't receive a related application within 10 days.

The background check will be reviewed within three to five weeks, which is the typical time it takes to review a license application. If there are any issues with your background check, the state will likely get in touch to give some context.

Once the review is complete, the state will send an email regarding the status of your license.

Frequently asked questions