The Professional Insurance Agents of New Hampshire Inc. recently said it basically agrees with two insurance department proposals meant to clarify agents’ fiduciary and licensing rules.
According to Judy George, president of PIANH, while the association generally agrees with the changes regarding producers’ fiduciary obligations, it also suggested the department take the opportunity to address unanswered questions, such as whether a producer may retain interest that accrues on funds maintained in an interest-bearing premium trust account.
“PIANH suggests that producers should be permitted to keep the accrued interest,” said George. “The practice, which is permitted in other states, will not compromise the integrity of a premium trust account or threaten the availability of funds.”
Additionally, the association asked the department to clarify whether a producer is required to maintain any premium trust account in a bank that is located in New Hampshire.
PIANH voiced some concern with the deletion of provisions for educational requirements.
“Although the proposed sections clearly set forth the requirements applicable to producers and adjusters seeking to renew their licenses, these sections fail to specify the requirements for an individual applying for a new license,” noted George.
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