1|Page
NYS 17-74 Property and Casualty Insurance Laws
and Regulations Newest Exam Preparation With
Complete Questions And Correct Answers With
Rationales Already Graded A+Brand New Version!!
Question 1
Who is responsible for enforcing the New York State Insurance Law?
A) The Governor of New York
B) The Superintendent of Financial Services
C) The New York State Legislature
D) The Commissioner of Health
Answer: B
Explanation: The Superintendent of Financial Services is the chief
regulatory official responsible for enforcing the Insurance Law in New
York State. The Superintendent heads the Department of Financial
Services (DFS), which regulates insurance companies, producers, and all
insurance activities in New York.
Question 2
The Superintendent of Financial Services in New York is appointed by
whom?
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A) The state legislature
B) The Commissioner of Insurance
C) The Governor, with the advice and consent of the Senate
D) A public ballot vote
Answer: C
Explanation: The Superintendent of Financial Services is appointed by
the Governor and confirmed by the State Senate. The Superintendent
holds the administrative power to enforce, execute, and interpret New
York insurance laws.
Question 3
Which New York agency regulates the insurance industry?
A) Department of Labor
B) Department of State
C) New York State Department of Financial Services (DFS)
D) Attorney General's Office
Answer: C
Explanation: The Department of Financial Services (DFS) is the sole state
agency with regulatory jurisdiction over the insurance industry in New
York. It consolidates the former Insurance Department and Banking
Department.
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Question 4
What is the primary purpose of the New York Insurance Law?
A) To maximize insurance company profits
B) To protect the public interest by regulating the insurance business
C) To eliminate all insurance competition
D) To provide free insurance to all residents
Answer: B
Explanation: The primary purpose is consumer protection through
solvency regulation, market conduct oversight, and ensuring fair
treatment of policyholders. The law establishes standards for licensing,
rates, policy forms, and claims handling.
Question 5
An insurance producer's license in New York must be renewed how
often?
A) Every year
B) Every two years
C) Every three years
D) Every five years
Answer: B
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Explanation: Under New York Insurance Law, producer licenses are
issued for a term of two years. Renewal requires completion of
continuing education credits and payment of the prescribed fee.
Question 6
How many continuing education credit hours are required for a New
York property and casualty insurance producer to renew a license in a
two-year term?
A) 10 hours
B) 15 hours
C) 20 hours
D) 30 hours
Answer: B
Explanation: For property and casualty producers, the continuing
education requirement is 15 credit hours per two-year renewal period.
At least 3 of those hours must be in ethics or professional standards.
Question 7
The New York State Insurance Fund (NYSIF) is established to provide
what type of insurance?
A) Life insurance only
B) Workers' compensation and disability benefits
C) Health insurance for state employees
NYS 17-74 Property and Casualty Insurance Laws
and Regulations Newest Exam Preparation With
Complete Questions And Correct Answers With
Rationales Already Graded A+Brand New Version!!
Question 1
Who is responsible for enforcing the New York State Insurance Law?
A) The Governor of New York
B) The Superintendent of Financial Services
C) The New York State Legislature
D) The Commissioner of Health
Answer: B
Explanation: The Superintendent of Financial Services is the chief
regulatory official responsible for enforcing the Insurance Law in New
York State. The Superintendent heads the Department of Financial
Services (DFS), which regulates insurance companies, producers, and all
insurance activities in New York.
Question 2
The Superintendent of Financial Services in New York is appointed by
whom?
,2|Page
A) The state legislature
B) The Commissioner of Insurance
C) The Governor, with the advice and consent of the Senate
D) A public ballot vote
Answer: C
Explanation: The Superintendent of Financial Services is appointed by
the Governor and confirmed by the State Senate. The Superintendent
holds the administrative power to enforce, execute, and interpret New
York insurance laws.
Question 3
Which New York agency regulates the insurance industry?
A) Department of Labor
B) Department of State
C) New York State Department of Financial Services (DFS)
D) Attorney General's Office
Answer: C
Explanation: The Department of Financial Services (DFS) is the sole state
agency with regulatory jurisdiction over the insurance industry in New
York. It consolidates the former Insurance Department and Banking
Department.
,3|Page
Question 4
What is the primary purpose of the New York Insurance Law?
A) To maximize insurance company profits
B) To protect the public interest by regulating the insurance business
C) To eliminate all insurance competition
D) To provide free insurance to all residents
Answer: B
Explanation: The primary purpose is consumer protection through
solvency regulation, market conduct oversight, and ensuring fair
treatment of policyholders. The law establishes standards for licensing,
rates, policy forms, and claims handling.
Question 5
An insurance producer's license in New York must be renewed how
often?
A) Every year
B) Every two years
C) Every three years
D) Every five years
Answer: B
, 4|Page
Explanation: Under New York Insurance Law, producer licenses are
issued for a term of two years. Renewal requires completion of
continuing education credits and payment of the prescribed fee.
Question 6
How many continuing education credit hours are required for a New
York property and casualty insurance producer to renew a license in a
two-year term?
A) 10 hours
B) 15 hours
C) 20 hours
D) 30 hours
Answer: B
Explanation: For property and casualty producers, the continuing
education requirement is 15 credit hours per two-year renewal period.
At least 3 of those hours must be in ethics or professional standards.
Question 7
The New York State Insurance Fund (NYSIF) is established to provide
what type of insurance?
A) Life insurance only
B) Workers' compensation and disability benefits
C) Health insurance for state employees
