On June 30, 2003, the Office of General Counsel, representing the New York State Insurance Department, issued the following opinion.
Question Presented:
Is it necessary for an attorney licensed to practice law in New York to also hold a license as an insurance agent or broker in order to receive commissions on insurance sales?
Conclusion:
Yes. An attorney must be licensed as an insurance agent or insurance broker in order to obtain commissions under Sections 2102 and 2103 or 2104 of the New York Insurance Law.
Analysis:
“Insurance agent” and “insurance broker” are defined in New York Insurance Law 2101(a) and (c) (McKinney 2000 & Supp. 2003). A person who is not licensed as an insurance agent or broker is barred from acting as such under New York Insurance Law 2102 (McKinney 2000 & Supp. 2003). The licensing criteria for acting as an insurance agent and broker in New York are found in New York Insurance Law 2103 and 2104 (McKinney 2000 & Supp. 2003). Attorneys are not exempt from the licensing requirements for agents and brokers in any of these areas.
Furthermore, N.Y.Ins. Law 2114, 2115, and 2116 (McKinney 2000 and Supp. 2003) typically prohibit the payment of commissions for the sale of insurance to anybody other than an appropriately licensed insurance agent or broker.
Contact Supervising Attorney LawrenceM. Fuchsberg at the New York City Office for further information.
Can an advocate become an insurance agent?
An Advocate is prohibited by law from working in any capacity other than that of an Advocate. You can ask for your Advocate license to be suspended, and then act as a LIC Agent after relinquishing your bar license; otherwise, you will be penalized for professional misconduct.
Do lawyers work for insurance companies?
Insurance attorneys can represent both insurance companies and consumers. Both methods of representation are diametrically opposed. They are, nevertheless, still in charge of many of the same critical strategies.
An insurance lawyer is the only professional who can offer legal advice or opinions. Try googling for “insurance lawyers near me” or “insurance claim attorney near me” to find alternative lawyers.
What type of insurance agent gets paid the most?
If life insurance agents are paid on a commission-only basis, they may earn the highest commission for any form of insurance in their first year.
Can a non practicing advocate do business?
Advocates are subject to a number of restrictions imposed by the Bar Council of India, including the fact that they cannot work in another profession or run a business while practicing law.
The bar council’s limits are specified in Rules 47 to 52 of the Bar Council of India Rules, which are framed under the Advocates Act 1961z.
According to Rule 47, an advocate may not engage in any business on his own; he may be a sleeping partner in a firm and engage in activity that the State Bar Council deems proper, but the nature of the business must not be incompatible with the dignity of the profession.
An advocate may serve as a Director or Chairman of the Board of Directors of a corporation if none of his responsibilities are executive in nature, according to Rule 48. Advocates are not permitted to serve as the Managing Director or Secretary of any corporation.
Can advocates form a company?
If it is true that the MCA’s portal makes no provision for Advocates who are members of Bar Councils, and Bar Councils are not listed as an option in the list of Councils, it is discriminatory towards Advocates and needs to be corrected, according to a single bench led by Justice Pratibha Singh.
The Court has requested that the proper authority make a decision on the matter and then present it to the Court.
Advocates can file paperwork for the incorporation of a company, according to Section 7(1) (b) of the Companies Act, 2013, and this would be true even in the case of LLPs, the Court stated. As a result, if the portal does not include a section for Advocates, this needs to be addressed.
The Court ordered Ajay Digpaul, the Standing Counsel, to take instructions on the subject and provide an affidavit within two weeks, and set the next hearing date for March 23rd, 2021.
The Court noted that the Petitioner requested that a modification be made to the MCA tool kit to allow Advocates who are members of the Bar Council to register as professionals in the MCA portal. Even after a modification to the Companies Act allowing Advocates to file documents for company incorporation, the petitioner is still unable to register as a practicing professional because the amendment has not been applied in the tool kit.
The current petition asks the government to include the name of advocates as professionals on the MCA Portal in order to facilitate registration and facilitation for advocates and law firms as professional companies. It has challenged the MCA portal’s online application process for professional registration, uploading of advocates’ DSCs as professionals, and filing of paperwork relating to company and LLP incorporation in such a way that an advocate is unable to perform their statutory duties as a professional.
According to the petitioner, an advocate cannot register as a professional on the MCA online portal because there is no provision for them. However, an advocate is entitled to verify the company’s incorporation documents under the new Companies Act 2016 and the Limited Liability Partnership Act, 2008.
“An advocate is in the same class as a Chartered Accountant, Cost Accountant, or Company Secretary for the purpose of document verification under the various provisions of the Companies Act, 2006, including section 7 of the Act, but the manner used at the MCA portal segregating an advocate from others for the purpose of form verification and violating the fundamental right guaranteed to an advocate under article 14 of the Constitution of India,” the plea stated.
As a result, the petitioner claims that the MCA portal has prevented her and other advocates from exercising their valuable right to practice their profession, which is guaranteed under Article 19(1)(g) of the Indian Constitution, as well as the Advocates Act, 1961, the Companies Act, 2016, and the Limited Liability Partnership Act, 2008.
Advocate Khagesh B. Jha filed the case on behalf of the petitioner Shikha Sharma Bagga.
How can an individual become an insurance agent?
The procedure for becoming an insurance agent is a 15-hour course that may be finished in two to three days. The candidate will receive a certificate once the course is completed. License Exam: After completing the course, the applicant must sit for and pass a pre-licensing exam.
Do insurance agents make good money?
“How much do insurance agents make?” is one of the most frequently asked questions by students enrolled in America’s Professor’s online insurance agent test preparation courses. The good news is that most insurance agents can expect to earn significantly more than the national median wage. While the specific amount of money an individual insurance agent makes varies greatly, data on insurance agent earnings in the United States demonstrate that the majority of them are capable of generating a good living from their employment.
In 2012, the most recent government data on the average income of insurance agents in the United States was compiled. According to the Bureau of Labor Statistics’ figures:
As the figures demonstrate, insurance brokers can earn a wide range of salaries. The number of sales an insurance agent generates is the main factor that leads to the discrepancy between the highest and lowest paid insurance agents because the amount of money they receive is largely made up of commissions and incentives. The vast variety of salaries for insurance agents is influenced by factors such as the price of the plans they offer and the sort of insurance they specialize in.
The typical median pay for an American worker is $26,695 per year, according to the latest recent census data. If you paid attention to the data above on insurance agents’ earnings, you’ll note that the average median income in the insurance industry is about twice that of the average median income per person. Even those insurance agents who are paid below the industry average may expect to make more than the average American wage, with the lowest 10% of insurance agents earning roughly $26,120.
In addition to insurance agents’ already strong earning potential, the same Bureau of Labor Statistics report that documented insurance agent earnings in 2012 also stated that the business is likely to continue to rise. The insurance business is predicted to grow by at least 10% by 2022 compared to 2012, and the demands of an aging population, as well as federal restrictions like the Affordable Care Act, are only increasing demand for insurance among Americans. If things are looking up for insurance agents right now, they will only get better.
If you want to work as an insurance agent and make a good living, the first step is to get your state’s license. America’s Professor provides online video preparation classes for a variety of state licensing examinations, taught by industry experts with decades of expertise in the area. Call 800-870-3130 to register or for additional information.
Can I sue my own insurance company?
There are a few occasions where you can sue your own insurance provider. The first is when the driver who caused the accident does not have any insurance. According to the Texas Department of Motor Vehicles, one out of every five drivers, or 20%, does not carry liability insurance. If you are hit by an uninsured driver, your next step is to file a claim with your own insurance provider. This is also true if you are involved in a hit-and-run accident and are unable to locate the other driver. Because uninsured/underinsured coverage is an optional insurance that must be purchased, I strongly advise everyone to check their policies to ensure they have enough of it.