NY A08065

Consolidates separate insurance agent and insurance broker licenses into a single unified "insurance producer" license, streamlining the licensing system under section 2104 of the insurance law

Maintains distinct lines of authority within the producer license: life insurance, variable life/annuity products, accident and health insurance under one category; and casualty, property, baggage, personal lines, and accident and health under another

Preserves the existing legal definitions and duties of "insurance agent" and "insurance broker" despite the consolidated licensing structure, ensuring no alteration to established professional responsibilities

Requires 90 hours of coursework for property/casualty lines (40 hours for personal lines only) and 40 hours for life/health lines before taking licensing examinations

Repeals section 2116 of the insurance law and updates numerous cross-references throughout the insurance code to reflect the terminology change from "agent/broker" to "producer," with existing licenses remaining valid until their scheduled renewal date