NYSID Activates On-line Licensee Termination System

September 2, 2003

New York’s Superintendent of Insurance, Gregory V. Serio, announced that the state now permits on-line terminations of licensees, allowing for “real-time” terminations of agents. The Department had already introduced a system for the electronic appointment of agents last December.

“As with the online appointment process, terminations done electronically will be processed immediately and insurers will receive instant confirmation that the termination was processed,” said the bulletin.

Serio indicated that “With over 100,000 appointments and terminations processed annually, this new process is sure to add to the already realized savings of almost a million dollars a year, in what used to be a paper intensive process, plagued by incomplete applications, staff overtime and other paper-processing costs. Allowing for terminations on-line is the most efficient means to allow insurers to terminate licensees. The Department is positive the industry will take advantage of this latest technology and continue to add to the savings we are seeing from our on-line licensing initiatives.”

He noted that, “as with the Department’s other on-line licensee processes, the termination process is available 24 hours a day, seven days a week, affording insurers the opportunity to access the technology on weekends and after hours on work days.”

In 2002 the NYSID completed its first full year of online licensing for agents and brokers for license renewals and new applicants. Its reforms include: “online temporary adjuster permits, online applications for original licenses, online renewals for brokers and agents, and licensing through NIPR for non-resident brokers and agents.”

“With 90% of the State’s licensees able to apply or renew for licenses electronically – a completely paperless licensee process is within reach as the Department continues to strive to provide customer service at its best,” Serio concluded.

Was this article valuable?

Here are more articles you may enjoy.