L&HNew Yorkeasy
A New York-licensed life agent wants to begin selling variable life insurance and variable annuities. In addition to the NY life license, what additional credential does NY Ins. Law § 2103 require?
A FINRA securities registration (typically Series 6 or 7) plus state securities qualification
BA separate NY adjuster license
CCompletion of NY Reg 60 disclosure training only
DA surplus lines broker license
Why this is the answer
Under NY Ins. Law § 2103, variable life insurance and variable annuities are dual-regulated as both insurance and securities. A producer must hold a NY life license and a FINRA securities registration — usually Series 6 (mutual funds and variable contracts) or Series 7 (general securities) — together with the corresponding state securities qualification (Series 63 or 66). Selling a variable product without the securities credential is unauthorized activity and exposes the producer to DFS discipline plus SEC/FINRA action. Reg 60 disclosure rules apply to replacements but do not substitute for the licensing requirement.
Studying for the New York Life & Health exam?
This question comes from our L&H bank. Take a free practice test — no signup.