New York Superintendent of Insurance Neil D. Levin announced that effective immediately all authorized insurers will have the ability to appoint and terminate licensed agents electronically.
“This use of the internet will result in a reduction in paperwork and data entry, development of national standards regarding electronic transmission of licensing data, and faster turnaround time–thereby reducing the cost and complexity of regulatory compliance,” Levin said.
The Producer Information Network, an electronic communication network that links state insurance regulators with the entities they regulate, is now fully operational. This network allows all insurers to appoint and terminate licensed agents electronically.
Last December, the Department processed its first live PIN transactions. With the trial period a success, PIN has become fully operational. The system allows insurance companies to send Appointment and Termination transactions via the Internet through The National Insurance Producer Registry, a not for profit subsidiary of the National Association of Insurance Commissioners. These transactions are then transferred electronically to the New York Insurance Department, are processed, and a confirmation is sent to the initiating company.
The NAIC performs the processing and notification confirmation of the Appointment or Termination on the Department’s behalf. PIN is the final application of the SR2000 Initiative, a program sponsored by the NAIC that includes initiatives to encourage state insurance departments to become more effective and efficient regulators.
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