Insurance agents and brokers are prohibited from engaging in transactions that involve: individuals, entities, or vessels appearing on OFAC's SDN list. Check out: http://www.treas.gov/offices/enforcement/ofac/regulations/t11facin.pdf The PATRIOT Act does not directly apply to iinsurance agents and b...

jackwehoca, Please feel free to do so. Dar Novak

I've been a P&C agent for 40 years. I did an online PAP quote for myself a few years ago. The website had no mention of extended non-owned coverage. No way to obtain a specimen policy to examine . Combined single limit BI/PD was not available. No stated amount or other options available for phys...

All agents and brokers in the USA must comply with OFAC. How will you do this without retaining a copy of a photo ID and verifying the identity of your insured? Most agents/brokers here don't know what OFAC is or choose to deny they must comply. Fine. If anyone cares to answer, please do so. Thank y...

Someone should have asked instead of using a divining rod approach..... FYI we already use electronic signatures in NY. For new accounts we do OFAC compliance first before binding any business. All of our insureds are checked through the SDN lists twice a week by a third party vendor (the lists do c...

Contact your agent association and check it (OFAC compliance) out folks. All agents and brokers are required to comply with OFAC. As a matter of fact, all U. S. persons are required to comply with OFAC. Yes, Kelso II there exist fake IDs and identity theft so we perform our due diligence, properly d...

If you do not physically meet with the insured, how do you do your OFAC compliance? How do you verify they are the person in the government issued photo ID they have to provide and you have to keep on file? Never heard of OFAC or think agents and brokers do not have to comply? WRONG! I am curious ho...

Anyone know of any carriers that will provide primary Liability and Physical Damage in NY for a personal auto being taken to a racetrack (Watkins Glen) for a driving school? All of our PAP carriers exclude any coverage at all if the vehicle is taken onto any track for any reason (even for a professi...

In many states, carriers now possess the 'magic bullet' for personal lines rating and underwriting. This is composed of two elements - credit profiling and tiering. A carrier can have between 30 and 200 tiers and using credit profiling along with 30 or 40 other items of data about the prospect, plac...

May I suggest you always advise the insured (in writing of course - and documented in your ams) to obtain a written, competent appraisal for a specialty vehicle they want to insure. Step 2 is to know what the settlement provisions are under the policy your insured intends to purchase (or to add the ...

I have no idea what 'talk radio' has to do with my inquiries. By the way - I do not listen to talk radio (what an absurd assumption...). Nor have I ever (in these forums) alluded to any of my political beliefs. So far, no names and no contact information. The TX 'survey' was a photograph of x number...

"There is a lot of data that has been thoroughly reviewed/vetted by extremely smart people to support this." OK...mica.cooper where is this data? Who possesses it? Name one name and how to contact please. I am waiting. "I'm sure that these insurance companies actuaries have all of the...

I beg to differ. I have seen no concrete evidence (true research) that credit has any involvement whatsoever in predicting losses for any type of insurance. The exclusion might be 'arson for profit'. Consider this: Forget credit profile for a second (if you can). Have you or anyone you know filed an...

So CA has approved PAYG rating? Are they insane? We all know that credit profiling is the ONLY guaranteed way to determine loss potential. It is so accurate a predictor I am waiting for courts to allow judges and juries to use crdeit profiling to automatically determine guilt. Think of the billions ...

The NY Big I to the rescue (IIABNY): [summarized] As per the federal Drivers Privacy Protection Act, driving infractions stated on an MVR are not protected information. Personal information that must be protected includes; photograph, SSAN, driver identification number, name, address, (but not the 5...