On my renewal application 2 years ago, I had to answer yes to "Have you been named or involved as a party in an administrative proceeding, including a FINRA sanction or arbitration proceeding regarding any professional or occupational license, or registration, which has not been previously reported to this Department?" It is time for me to renew my license again. Nothing has occurred since my last application renewal. Is it necessary for me to answer yes again to this same question?
Disclosure on NY Insurance renewal application.
- Thread starter d and m
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- 2,766
That seems to be the operative phrase. Since they are already on record with the prior offense, the answer to that question appears to be no if there have been no offenses since the last renewal.
Wait for a few more opinions. There may be NY agents that are familiar with the question.
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- #3
Thank you for your quick response.
- 11,471
Just like we want our clients to answer health questions EXACTLY as written, so should you also answer renewal questions exactly as written.
If you previously have disclosed, and there's nothing new to disclose, you don't need to disclose again.
If you previously have disclosed, and there's nothing new to disclose, you don't need to disclose again.
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- #5
Lloyds of Lubbock
Guru
- 747
While I believe the answers you have been given are correct, you may want to ask one of your carriers compliance departments.
Personally, I would take the advice given from the previous posters.
Personally, I would take the advice given from the previous posters.
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- #7
Thank you!
If you read the question on renewal it might say something like if you have not previously disclosed to the State Division of Insurance before. They are usually asking for new stuff. Thats kind of how California words it. They dont want you to resubmit explanation of something 10 years ago every two years. I just cant remember what NY exactly asks
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- #9
NY question states exactly this. Thank you so much for the clarification.
- 4,908
Will depend on the exact wording of question. Many times, the "not previously answered or disclosed" tends to mean earlier on that same form/application/document. IE: A life app may say, "have you been a patient at a hospital other than previously answered" Had I bought life insurance from that same company 2 years ago, it wouldnt mean I can ignore answering the questions again.
If I was you, I would answer Yes--then merely state "all details preiviously answered/supplied on the renewal application in 2022. this way, they cant say you answered untruthfully, etc
If I was you, I would answer Yes--then merely state "all details preiviously answered/supplied on the renewal application in 2022. this way, they cant say you answered untruthfully, etc
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