Compliance Updates

Maine:

The Independent Producer license authority for insurance producers has been repealed effective September 28, 2011. An insurance producer may not act as an agent of an insurer unless the insurance producer becomes an appointed agent of that insurer. An insurance producer who is not acting as an agent of an insurer is not required to become appointed. No additional license authority will be required in order to represent the insured, beyond the substantive license authority for the kind of insurance the insured is purchasing. Licensees who previously held independent Producer authority will still have it reflected on their license records for historical purposes only.

FINRA:

Beginning September 1, 2011, FINRA will implement a fee for individuals who cancel or reschedule a qualification examination or Regulatory Element session within three to 10 business days of a scheduled appointment date. The amount of the fee will be one-half of the fee of the examination or Regulatory Element session being cancelled or rescheduled, and it will be assessed for any examination or regulatory Element session that is cancelled or rescheduled on or after September 1, 2011.

Massachusetts:

The Division of Insurance is has announced that its Online Producer Renewal Appointment website (OPRA) will be accepting agent renewals beginning on August 23, 2011. Renewal emails and paper notification letters, including agent user id’s and passwords, will be generated on August 23rd, 2011. Insurance Companies will have until October 1st, 2011 to complete their agent renewal processes.

North Carolina:

NC Emergency Management staff will not allow any adjuster access to a declared disaster area unless the adjuster is carrying proper identification. The Department is requiring that a company provide each catastrophic adjuster with an identification badge. Attached is a template which you are to use to produce the badges needed for your adjusters. the North Carolina Department of Insurance (NCDOI) will permit individuals who satisfy the requirements (including licensure in another state if that state requires a license) to adjust claims in North Carolina for a specified period of time without obtaining a North Carolina adjusters license.