New York Insurance Law & Code
This chapter covers the New York statutes that protect policyowners and govern how policies are sold and serviced. It addresses the structure of the state code, required policy protections such as the free-look period, replacement rules, the guaranty association, and the grounds on which the regulator may discipline a license.
The New York Insurance Code
The substantive rules come from the New York Insurance Law and the regulations of the Department of Financial Services, supplemented by administrative regulations. These provisions define who may transact insurance in the state, the required and prohibited policy provisions, and the enforcement powers of the regulator. They are the New York-specific overlay on the national policy rules covered in the shared base material.
Free-Look and Required Policyowner Protections
New York requires life and health policies to include consumer protections such as a free-look (right-to-examine) period, during which the owner may return the policy for a full premium refund if not satisfied. The code also mandates grace periods, required policy provisions, and clear disclosures so consumers understand their coverage and can reconsider a purchase within the review window.
Replacement, the Guaranty Association, and Discipline
When new coverage replaces existing life insurance or annuities, New York replacement rules require notice, fair comparison, and documentation so the consumer is not harmed. The Life Insurance Company Guaranty Corporation of New York provides a statutory backstop, within dollar limits, if a member insurer becomes insolvent -- but producers may not advertise it to induce a sale. The code also lists grounds -- fraud, misrepresentation, misappropriating premiums, and code violations -- on which the regulator may suspend or revoke a license.
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State-specific details
State exam facts
- State regulator
- New York State Department of Financial Services
- Exam vendor
- PSI
- Prelicensing education
- 40 hours (combined life, accident & health) or 20 hours per single line
- Passing score
- 70%
Who regulates life & health insurance licensing in New York?
The New York State Department of Financial Services (DFS) licenses life, accident & health agents and brokers. DFS uses PSI to administer the licensing examinations.
Does New York require prelicensing education for the life & health exam?
Yes. New York requires a Department-approved prelicensing course of at least 40 hours for the combined life, accident & health authority, or 20 hours for a single line.
How many exams does New York offer for life & health?
New York does not use one combined 'Life & Health' exam by default; most candidates take the combined 17-55 exam, while separate life-only and accident & health-only exams also exist. A score of at least 70% is required to pass, and the exam must be passed within two years of applying.
Sources: https://www.dfs.ny.gov/apps_and_licensing/agents_and_brokers/lic_app_la_lb, https://www.psiexams.com/
In the New York Life & Health Insurance Producer Exam guide: A KEY CONCEPT box, a Common Traps list and a Check Yourself set closing each of the 9 national chapters. Practice here stays free.