L&HNew Yorkeasy
Under NY Insurance Law § 2103 and federal securities rules, what licenses does a producer need to sell a variable annuity to a NY resident?
NY life license plus a FINRA securities registration (Series 6 or 7) with a registered broker-dealer
BNY life license only
CNY P&C license plus Series 63
DA NY notary commission plus state CPA license
Why this is the answer
Variable annuities are dual-regulated: they are insurance contracts (subject to NY DFS) and securities (subject to SEC/FINRA). NY Insurance Law § 2103 requires a NY life producer license to sell the insurance wrapper, and federal law requires FINRA registration (Series 6 covers packaged products including variable annuities; Series 7 is broader) plus association with a registered broker-dealer. Option B is incomplete (no securities registration). Option C uses a P&C license, which does not authorize life products. Option D is irrelevant.
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