Whats Important in the NY Insurance Law for Agents?

[mjnoles1]

From my understanding from a forum member is that it is VERY important to work for a company that is licensed to practice in New York. Its something in the state of New York law that is beneficial for the agents? I am working in NC but from my understanding it is still important that the company I work for is licensed to practice in NY as well.

What exactly is the reasoning that this is important? Its something to do with if you work for a licensed NY company and move on to another company you do not owe the past employer any monies that you got from them, but if you work for a non NY licensed company and move on to another company then you are in debt to the past employer because something in the NY law protects the agents, which other states do not have in their laws.

Can someone explain in more depth what is in the NY law that protects the agents financially that makes it important to work for a licensed NY insurance company even if you work out of the NY state?

 

[Josh]

What is your question?

Unless you're doing business in NY then there is no reason to get licensed there. If you're licensed in NC and doing business there then I would leave it at that. NY is a state to AVOID.

 

[dgoldenz]

What is your question?

Unless you're doing business in NY then there is no reason to get licensed there. If you're licensed in NC and doing business there then I would leave it at that. NY is a state to AVOID.

x2

Damn that Reg 60 to hell.

 

[Josh]

BTW- In the last 6 months I've done more business OUTSIDE of NY then it.

 

[Franz Kafka]

What's the commission like for med supp & ma in NY? I have a sister-in-law in upstate who might be ineterested in doing it part-time.

 

[Josh]

What's the commission like for med supp & ma in NY? I have a sister-in-law in upstate who might be ineterested in doing it part-time.

MA is the same as anywhere else and Med Supps vary, but it's GI and UHC/AARP plan F is the only plan worth getting.

What do you call upstate? Most of the state is overworked.

 

[mjnoles1]

No, I am not interested in getting licensed in NY. But, it sounded like that if a company is also licensed in NY then they have to obide by the strict New York insurance license laws which is favorable for agents if they want to move from one company to another.

This is most likely not making any sense, because I do not fully have a grasp of what exactly I am trying to ask and that is why I am asking lol

 

[Franz Kafka]

MA is the same as anywhere else and Med Supps vary, but it's GI and UHC/AARP plan F is the only plan worth getting.

What do you call upstate? Most of the state is overworked.

Troy/Albany area. Bro's an ophthalmologist and is complaining about new 25% cuts on medicare patients. So I just thought maybe his wife selling medicare might be a good idea.

 

[Josh]

No, I am not interested in getting licensed in NY. But, it sounded like that if a company is also licensed in NY then they have to obide by the strict New York insurance license laws which is favorable for agents if they want to move from one company to another.

This is most likely not making any sense, because I do not fully have a grasp of what exactly I am trying to ask and that is why I am asking lol

Please don't take this the wrong way, but what you're saying makes absolutely no sense. There is absolutely no advantage to doing business with New York based insurance companies over any others based on what you're talking about. If you have more details about what it is you're being told then please come back with those and I'll be sure to clarify for you, but it sounds like someone who is talking to you has a loose concept of reality.
- - - - - - - - - - - - - - - - - -

Troy/Albany area. Bro's an ophthalmologist and is complaining about new 25% cuts on medicare patients. So I just thought maybe his wife selling medicare might be a good idea.

That is definitely upstate. It cracks me up what NYC calls upstate.

If that's a real issue he should consider not paring with Medicare and only accept commercial insurance and cash. Not that I think there is anything criminal about it, but having his wife sell the clients their insurance product could create the appearance of impropriety. Let me take that back, I'm actually pretty sure that if she was selling MA's and he was in any way, shape or form suggesting that his clients talk to her CMS would have a major issue with that.

 

[Franz Kafka]

Not that I think there is anything criminal about it, but having his wife sell the clients their insurance product could create the appearance of impropriety. Let me take that back, I'm actually pretty sure that if she was selling MA's and he was in any way, shape or form suggesting that his clients talk to her CMS would have a major issue with that.

The thought did cross my mind. Wonder if it's OK if she just stuck to Supp plans ..