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DFS To Make Licensing Exams Available Online

​The New York State Department of Financial Services announced ​today that candidates for insurance licenses will be able to take exams online starting next week. The exams will be administered by the department's designated vendor PSI. Until now, candidates for New York insurance licenses were required to take the exam at a proctored testing center. However, most testing centers have been closed for months because of the COVID-19 pandemic. The new online option will be available to all candidates. According to a department news release, "Online testing will allow candidates to take the exams at a testing center or any other location of their choice,…

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Moratorium, Premium Payment Flexibility Extended to July 6

​The emergency restrictions on insurance carriers' ability to terminate coverage and requirements for premium flexibility will stay in place until at least July 6, according to a new executive order. New York Gov. Andrew M. Cuomo issued the order ​on Saturday. Since March 30, insurers writing business in New York have been required to give an additional 60 days of coverage (90 days for life insurance) to any policyholder who can demonstrate financial hardship because of the COVID-19 pandemic and whose policy the insurer could legally cancel, non-renew or conditionally renew. They have also been required to offer policyholders who missed payments and can demonstrate…

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​Legislative Update: Uncertainty in Albany

What you need to know: The state legislature is anticipated to reconvene throughout the year, rather than adjourning in mid-June as is typical The legislature’s focus will be COVID-19, with many issues likely to affect IAs and policyholders We don’t yet know to what extent other issues will be considered. These are truly uncharted waters. Since mid-March, New York’s policy response to COVID-19 has been spearheaded by the state’s executive branch, through executive orders and emergency regulations. Until last week, the legislature was largely out of the picture.That changed on May 23rd, when Senate and Assembly leaders announced they would resume work virtually, beginning with…

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