N.Y. Comp. Codes R. & Regs. Tit. 11 § 12.2 - Maximum training allowance subsidies
Insurance Law section 4228(e)(3)(G) provides that the superintendent shall periodically adjust the cumulative maximum training allowance subsidy limits to agents set forth in sections 4228(e)(3)(C) through (E) for agents with respect to the types of policies specified in Insurance Law section 4228(a). Accordingly, the amounts as specified in section 4228(e)(3)(C) through (E) are adjusted as follows:
(a) Subparagraph (e)(3)(C): an agent may
receive a training allowance subsidy, provided that:
(1) the agent has earned less than $36,000
from the sale of policies and contracts cumulatively during the three years
prior to such agent's appointment; or
(2) less than 25 percent of the agent's
earned income has been received from the sale of policies and contracts during
each of the three years prior to appointment.
(b) Subparagraph (e)(3)(D): an agent may not
receive a training allowance subsidy, on a cumulative basis:
(1) for an agent in the first year of the
subsidies, the greater of $51,000 and 60 percent of the first year commission
limit;
(2) for an agent in the
second year of the subsidies, the greater of $80,000 and 60 percent of the
first year commission limit in the first year and 40 percent of the first year
commission limit in the second year;
(3) for an agent in the third year of such
subsidies, the greater of $97,000 and 60 percent of the first year commission
limit in the first year and 40 percent of the first year commission limit in
the second year, and 20 percent of the first year commission limit for the
third year; and
(4) for an agent in
the fourth year of such subsidies, the greater of $107,000 and 60 percent of
the first year commission limit in the first year and 40 percent of the first
year commission limit in the second year, 20 percent of the first year
commission limit in the third year, and 10 percent of the first year commission
limit in the fourth year.
(c) Subparagraph (e)(3)(E): if the agent has
earned at least $117,000 of income during either of the two calendar years
immediately preceding commencement of receipt of training allowance subsidies,
a company may pay additional training allowance subsidies of $1,800 to the
agent during each of the first two years of this agent's receipt of training
allowance subsidies for every $3,600 of the earned income in excess of
$117,000, provided that the cumulative training allowance subsidy does not
exceed $81,000 in the agent's first year of receipt of training allowance
subsidy and provided further that the agent receives not greater than $107,000
in total training allowance subsidies.
Notes
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