The National Insurance Producer Registry’s (NIPR) online licensing products will help the surplus lines industry in each state to meet new federal financial services reform licensing and renewal regulatory requirements.
A New York insurance agent had his license reinstated in Virginia after regulators in that state found that a national licensing system failed to properly forward information he submitted about an administrative action.
A national insurance producer registry, operated by an organization of state insurance commissioners, has processed its 100 millionth licensing transaction.
Agents and brokers can now access a new function of the National Insurance Producer Registry to report actions against them to jurisdictions across the United States.
As a direct result of the Patient Protection and Affordable Care Act (PPACA) – also known as ObamaCare – health insurance agent and broker commissions have been slashed by as much as 50%. Agencies have been forced to lay off employees, limit products and services, shift to other lines, and have seen significant drops in compensation.