New York Insurance License Requirements

Learn the New York insurance license requirements.signing a contract image by William Berry from Fotolia.com

Getting your insurance sales license is an excellent start to what can be a profitable and rewarding occupation. Since insurance is a financial product involving money and the potential for fraud, as well as encompassing many complex laws, most states have set some licensing requirements so that the individuals working as insurance agents or salesmen in any given state have the same basic knowledge and credentials. In order to practice insurance sales in New York, you will need to fulfill certain basic requirements to become and remain licensed.

Pre-Licensing Education

You must complete forty hours of pre-licensing education to become a licensed insurance agent in New York. This licensing education is typically provided by insurance firms. After you complete the course, you will have to take an examination showing that you have successfully learned the information presented in the course. The results of this examination are valid for two years following the date they were received.

There are different types of insurance sales licensing in New York. Life and health insurance is one type of license, while property and casualty insurance is a separate type of insurance that requires a separate pre-licensing program involving 90 hours of training and an examination. The other licensing requirements, such as renewal, are the same for each type of insurance sales license. A separate licensing process also exists for insurance brokers and corporate agents.

You will need to renew your license periodically, at a cost of $80 for an individual license. The valid term for licenses is two years in the state of New York, after which you will have to file for a renewal. Your license expires on your birth date, either in an even- or odd-numbered year, depending on whether you were born in an even- or odd-numbered year. There are no continuing education requirements for your licensing, but most companies will voluntarily train you on changes in insurance law during your employment.