The Professional Insurance Agents of New Jersey has released a new “Agency handbook” designed to help agents implement the “new and amended regulations” contained in the Producer Licensing Act.
The most recent amendments were passed last November, when the New Jersey Department of Banking and Insurance adopted the Producer Licensing Model Act and regulations based on the National Association of Insurance Commissioners provisions of the Producer Licensing Act of 2001.
“It creates a system of reciprocity for producer licensing, supports uniform standards for key areas of producer licensing, enhances efficiency and facilitates the support of NAIC technological regulatory initiatives,” said the bulletin. The “PIANJ’s technical staff has updated our online Agency Handbook to reflect these new rules, and will continue to keep you updated on any developments as they are released.”
It also noted “other topics of interest updated in the PIANJ Agency Handbook” as follows:
*surplus lines rule amendments (surplus lines section);
*electronic recordkeeping requirements (management of funds);
*producer contract amendments (producers contracts);
*changes to commission and fee rules (service fees);
*amendments to the definition of a completed written application (marketing practices). The announcement indicated that “the section in which you will find them is contained within parenthesis.”
“The PIANJ Agency Handbook is a member-exclusive benefit and can be accessed at:http://www.piaonline.org/NJ/HandBook/IndexHB.shtml,” said the bulletin. “New, or amended, sections are marked by a ‘new’ icon for your easy reference.”
It also gave information for agents not yet registered for PIA’s Web site, recommending that they do so before entering the link above. “This will enable you to access all of the great features available. To register, simply go to www.piaonline.org/register-m.shtml and complete the short online form,” the announcement concluded.
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