State RegulationsNY specificDifficulty 1/5
A New York insurer signs an agency contract with a newly licensed agent. Under N.Y. Ins. Law §2112(b), the notice of appointment must be filed with the Superintendent of Financial Services within how many days after the contract is executed or the first business is submitted?
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Answer & full 3-part explanation (select an option above, or peek)
Why A is correct
Under N.Y. Ins. Law §2112(b), the insurer must file the notice of appointment with the Superintendent of Financial Services within 15 days after the agency contract is executed or the first insurance business is submitted for the insurer. Timely filing keeps the Department of Financial Services' records accurate as to which insurers each licensee is authorized to represent.
Why the other options are wrong
- B) 30 days is the deadline for an insurer to report a for-cause agent termination to the Superintendent, not for filing a new appointment notice.
- C) 45 days belongs to other contexts, such as certain group conversion extension windows, not to appointment filings.
- D) 60 days is the period allowed to apply for conversion of group health coverage, far longer than the appointment filing allows.
Memory hook
Appoint within 15 days — half of the 30-day termination-report deadline.