Bill > S07222

This bill amends the New York Insurance Law to modify several provisions related to life insurance agents and their compensation. The bill increases various financial thresholds and clarifies compliance requirements, including raising the income and eligibility criteria for training allowance subsidies for new agents. Specifically, it changes the definition of allowable expenses for distribution and marketing, expands the conditions under which salaried employees can be exempt from certain compensation restrictions, and increases the limits on prizes and awards that can be given to agents. The bill also extends the notification period for companies that exceed payment limits from 30 to 90 days and allows more flexibility for companies in reporting excess payments, particularly for agents no longer with the company. The changes appear aimed at providing more support and flexibility for insurance companies in recruiting and compensating new agents while maintaining regulatory oversight. The modifications include indexing various fixed amounts to potentially account for inflation and changing economic conditions in the insurance industry. The bill takes effect immediately upon passage.

Budget and Finance, Business and Industry

https://www.nysenate.gov/legislation/bills/2025/S7222