N.Y. Defines Agent Status
By Mark E. Ruquet
NU Online News Service, Sept. 30, 12:05 p.m. EST?Independent agents in New York state are now defined as independent contractors under new legislation approved by the governor.
The measure was signed into law last week by Gov. George Pataki. It defines independent agents and brokers as independent contractors, making them exempt from employment insurance obligations.
Both the Syracuse, N.Y.-based Independent Insurance Agents Association of New York and the Glenmont, N.Y.-based Professional Insurance Agents of New York said they have been working on this issue for years and were pleased with its signing.
The change gives insurance agents the same standing as Real Estate brokers when it comes to interpreting the law for purposes of workers' compensation and unemployment, the associations said.
In order to be defined as independent contractors, agents must have agreements in place with carriers establishing them as an independent agent and must be paid on a commission basis.
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