Surrendering NY License

[insurancebroker99]

I want to surrender my NY insurance license because adhering to the NY cybersecurity requirement is becoming too time-consuming and expensive. If I surrender my NY insurance license before first surrendering my NY carrier appointments, will the carriers term me for-cause or not-for-cause?

 

[Newby]

Not for cause.

 

[Markthebroker]

I want to surrender my NY insurance license because adhering to the NY cybersecurity requirement is becoming too time-consuming and expensive.

I'm in California, and the market here is a mess. I hear the only other markets that are as bad are Florida and NY. I'm curious about this requirement. Do you mind expanding on this?

 

[Tahoe Ray]

I'm in California, and the market here is a mess. I hear the only other markets that are as bad are Florida and NY. I'm curious about this requirement. Do you mind expanding on this?

I am a partner at an agency based in NY.

An individual producer is almost always going to qualify for a limited exemption and has to maintain basic cybersecurity protocol (2 factor auth, secure systems, a process for disposing of non-public info etc.). It does cost money for some of those systems but ultimately, we all need to have them anyway.

An agency may be a little tougher because if you go over 20 employees (or 7.5m in gross revenue) you're considered a higher "class" and have more strict protocols in place.

For most agents, it shouldn't be a huge deal but it does need to be addressed. They've had this regulation for years (I've filed compliance for at least 5, maybe more?) but just recently amended it so maybe that's effecting OP?