New York’s Superintendent of Insurance Gregory V. Serio announced that the State’s insurers are successfully utilizing the ability to appoint and terminate licensed agents electronically, as the online capability, which began in 2001, is quickly approaching 300,000 appointments.
“The ease and efficiency of the online appointment capability has been embraced by the industry and today we are looking at a milestone in New York State – 300,000 licensee appointments electronically,” Serio stated. “This capability has exceeded our expectations and met the needs of the industry successfully –reducing the cost and complexity of regulatory compliance providing a more favorable environment for insurers to do business in New York.”
The bulletin explained that “Online capability allows insurance companies to send Appointment and Termination transactions electronically through The National Insurance Producer Registry (NIPR), a not for profit subsidiary of the National Association of Insurance Commissioners (NAIC). This allows insurers to appoint or terminate agents in several states by sending one electronic notice. 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.
“In addition to appointing agents through NIPR insurers wishing to appoint agents only in New York can utilize a system designed exclusively for them. In mid 2002 the Department moved into production a New York only appointment process. Like the other e-commerce initiatives introduced recently it has been extremely successful. Almost 20,000 agents have been appointed using this system.”
The NYSID has a dedicated telephone line at: (518) 474-6630 to assist anyone requiring assistance in completing the application on-line. Additional information on this licensing application process is also available on the Department’s Web site at www.ins.state.ny.us.
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