July 18, 2011
Monday, July 18th, 2011
North Carolina:
Agent Services Division has notified all Surplus Lines individual licensees that license renewal applications are now available through the National Insurance Producer Registry (NIPR) for completion and payment of the $50.00 annual license renewal fee. Failure to complete the renewal application and pay the renewal fee through NIPR will result in the Surplus Lines license expiring effective 8/31/2011. In accordance with N.C.G.S. 58-21-40(d): “Each resident surplus lines licensee shall maintain active membership in a regulatory support organization (North Carolina Surplus Lines Association) as a condition of continued licensure.” Furthermore, N.C.G.S. 58-21-65(d) provides “Any person who places surplus lines insurance without a valid surplus lines license in effect shall pay a penalty of one thousand dollars ($1000) and be subject to such other penalties as provided by law.” If you have any questions regarding this information, please contact Agent Services Division at 919-807-6800.
Indiana:
The Indiana DOI issued a bulletin stating that the effective dates of some requirements related to annuity training are delayed as follows. The requirement for the one-time annuity training course goes into effect January 1, 2012. If a producer is licensed with a life insurance line of authority prior to January 1, 2012, the Department will allow a six-month grace period to comply with the training requirements, which gives existing life producers until July 1, 2012 to complete the 4-hour annuity training course. Producers who obtain a life qualification on or after January 1, 2012, must complete the training prior to the sale of an annuity product. The four-hour annuity training course is not in addition to the producer’s 24-hour CE requirement for license renewal; it may be used as part of the producer’s required CE hours.