State RegulationsNY specificDifficulty 2/5
An insurer in Albany terminates an agent's appointment for cause. Under N.Y. Ins. Law §2112(d), within how many days must the insurer report the termination to the Superintendent of Financial Services?
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Answer & full 3-part explanation (select an option above, or peek)
Why C is correct
Under N.Y. Ins. Law §2112(d), an insurer that terminates an agent's appointment for cause must report the facts to the Superintendent of Financial Services within 30 days, and must send a copy of the report to the agent within 15 days. The reporting duty lets the Department of Financial Services track agents who may pose risks to consumers when they move to a new insurer.
Why the other options are wrong
- A) 15 days is the deadline for sending the agent a copy of the report, not for reporting the termination to the Superintendent.
- B) 31 days is the group life conversion application period, not a termination reporting deadline.
- D) 90 days is the outside cap in the group conversion notice rules and is far too long for the termination report.
Memory hook
Report in 30, copy the agent in 15.