State RegulationsNY specificDifficulty 1/5
A New York agent files the renewal application after the 60-day advance deadline but before the license expires. Under §2103(j)(10), what is the consequence?
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Answer & full 3-part explanation (select an option above, or peek)
Why C is correct
Under N.Y. Ins. Law §2103(j)(10), a renewal filed after the 60-day deadline but before expiration may still be processed, but it must be accompanied by the statutory late fee of $10. The fee is modest, but the practical lesson matters: filing on time avoids both the fee and any gap in the authority to transact insurance.
Why the other options are wrong
- A) $25 is not the statutory late fee for a late renewal filing; the fee is $10.
- B) A late renewal is not denied outright and does not force re-examination; it simply carries the statutory late fee.
- D) There is no automatic suspension; the late-filed renewal is accepted with the late fee, and suspension would require affirmative DFS action.
Memory hook
Late renewal = $10 fee - cheap, but file 60 days early.