The National Insurance Producer Registry (NIPR) will cost a little less beginning on July 1, 2004, after the board voted to reduce prices by an average of 15 percent. The reduction marks the second round of price decreases this year.
“Industry clearly has shown a great deal of interest in these products as usage has increased exponentially,” said Joel Ario, Oregon Insurance Administrator, who also serves as secretary-treasurer of the NAIC and president of the NIPR Board. “Because our financial performance has been so outstanding, we are able to pass along savings to industry.”
NIPR, a non-profit affiliate of the National Association of Insurance Commissioners (NAIC), provides products to streamline and bring uniformity to the insurance producer licensing process. All 50 states now participate in NIPR’s Producer Database (PDB).
The reduction applies to most NIPR products, including the PDB, which compiles information on licensed producers; the Electronic Nonresident Licensing service; and an electronic appointment and termination agent tracking service. All told, the price reduction will amount to a projected reduction in NIPR revenue of nearly $1 million, although Ario acknowledged that anticipated increased usage should mitigate that impact.