The Association for Cooperative Operations Research and Development (ACORD) announced that it will soon be providing temporary as well as permanent auto ID cards in New Jersey, as part of a major change in the state’s auto insurance regulations.
Citing the “new rules for both permanent and temporary ID cards [that] have been developed,” ACORD said it is “responding by developing a new temporary ID card, ACORD 50NJ. An ACORD temporary card is not permitted under the current rules, but will be under the new regulation.” An existing ACORD ID card, ACORD 50WM, is currently acceptable in New Jersey as a permanent card, and will continue to be acceptable under the new rules.
ACORD Staff Counsel Joel Volker stated, “The development of this new auto ID card is another example of ACORD’s commitment to staying on top of regulatory changes. The creation of the new temporary card and the acceptability of the existing permanent card will save carriers enormous time and resources by not having to create their own proprietary cards while at the same time reducing the processing time for agents.”
The bulletin noted that “both ACORD ID cards include a watermark (the word ACORD) that disappears when the cards are copied. This feature meets the anti-fraud requirements that will be mandatory under the new rules.” It also indicated that “Insurance companies using ACORD ID cards will not have to develop their own.”
ACORD noted, if the new rules are adopted as currently written, companies would have to provide the NJDOBI several types of information related to anti-fraud measures. “However, with respect to the ID cards that will be used, companies will be able to simply tell the NJDOBI that they will be using ACORD cards.”
John D’Agostino, Jr, president of the Professional Insurance Agents of New Jersey has offered his support. “We applaud ACORD’s effort in developing a temporary ID card to meet the requirements of the new regulation and we also encourage carriers to utilize ACORD’s permanent (50WM) and temporary (50NJ) ID cards. By doing so producers will be able to continue to quickly and efficiently process ID cards for consumers,” he stated.
Topics Auto Legislation New Jersey
Was this article valuable?
Here are more articles you may enjoy.
JPMorgan Client Who Lost $50 Million Fortune Faces Court Setback 
Survey Shows Majority of Florida, California Homeowners Seeing Higher Insurance Costs 
Investment Funds File New Suits Over Lighthouse Insurance Collapse in 2022 
Uncertainty Keeps Prices Up; No Prior-Year Loss Development: Travelers 
