LICENSING TOOLS

What is the difference between a NYS LA license and NYS LB license? Is one better than the other?

According to the NYS Department of Insurance, a LA license is an insurance agent who represents an insurance company while a LB license is an insurance broker who represents the public.   So the main difference we have come across is that all carriers will accept the LA license, very few will accept the LB license.  Medicare carriers will not accept the LB license.

If I am listed as a sub-licensee on my corporate license, do I really need an idividual license?

Absolutely, carriers will always refer back to the individual license.  They want to verify that the principal is able to sell as well.  If you have a corporation it is best to have both.

Do I need to have my name listed on the E&O, even if I am covered under the corporate license?

Yes, your name needs to be listed on the E&O if you are writing as an individual.  If you are a solicitor to a corporation some carriers will allow it without your name on it.  However to avoid any issues it is easiest to request a copy of the corporate E&O with your name listed on the declaration page as a certificate holder.   A letter on company letterhead signed by the owner stating you are covered by the specific policy will suffice as well.