Why is New York State so much harder to write business?

[SShockley21]

Hi there I am new to this industry, about a year. I've heard this from so many experienced agents. I have a NY app next week so any feedback on this question is much appreciated.

 

[ATM]

Regulatory restrictions, probably brought about because NY Life and Prudential didn't like competition and NY law makers liked insurance company campaign "donations".

 

[Tahoe Ray]

They require much higher reserves than other states for an insurer to do business there so there are fewer carriers.

They also have a stupid amount of regulations (reg 60, 187, etc ) that makes the agent's life more difficult.

Finally, they have commission caps on first year so most make a lot less money.

The good news is that most policies (downstate) are large so still worth it.

 

[Lloyds of Lubbock]

I think there are enough carriers licensed to do business in NY that you won't have a problem.