NY A06975

Increases training allowance subsidy eligibility threshold from $20,000 to $40,000 in cumulative earnings from policy sales over three years, and adds a new eligibility criterion based on worktime allocation to life and annuity sales

Raises cumulative training allowance subsidy caps for new agents: first year from $28,000 to $54,000, second year from $44,000 to $85,000, third year from $54,000 to $105,000, and fourth year from $60,000 to $116,000

Increases the income threshold for additional training allowance subsidies from $66,000 to $127,000, with the maximum first-year subsidy raised from $45,000 to $87,000

Raises prize and award limits for agents and brokers: single prize cap from $250 to $500, annual total from $1,000 to $2,000, and monthly prize cap from $25 to $50

Extends the deadline for insurers to notify the superintendent of excess payments from 30 to 90 days and exempts companies from notification requirements when agents are no longer appointed and reasonable recovery efforts have been made