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  1. PAIP Voluntary Rating Tier | Ask PIA

    Can we submit business to the Voluntary Rating Tier (VRT) if we are closed for “new” business with some, but not all of our voluntary markets. What if the premium in the VRT is less than the premium in the standard market for that client, can we place the client...

    Agents with more than one company must first attempt to obtain coverage from the other insurers they represent before placing the business in the VRT, regardless of the premium.

  2. Insurance scenarios—territory | Ask PIA

    Does an insurance scenario have to be based on the territory in which the insured lives?

    No, not unless you choose the option whereby you are providing scenarios produced by an automated system that are based upon the individual characteristics and circumstances of the applicant or insured. When using the other two options, generic scenarios or the DOBI document, you do not have to base the...

  3. Insurance scenarios—method of providing | Ask PIA

    Are the insurance scenarios supposed to be mailed?

    There is no requirement that the insurance scenarios be mailed. In fact, in most circumstances, agents would provide the scenarios to applicants while the applicant is in the agent’s office applying for coverage.

  4. Insurance scenarios—quotes for every carrier | Ask PIA

    After we give the scenarios to the applicant, if the applicant chooses to receive the scenarios from each company we obtained quotes from, do we have to provide them?

    The regulation does not require that an agent provide scenarios for all the companies he/she represents. You need only provide at least three scenarios for one of your companies. However, agents must still provide “quotes” for the types of coverage requested by the applicant for each company they represent.

  5. Nonrenewals and curative attempts by the insured | Ask PIA

    If a carrier issues a legal and timely notice of nonrewal for failure to provide minimum information necessary to accurately rate the policy, does the policyholder have a chance to provide the information and prevent the nonrenewal?

    Whether the policyholder has a chance to provide the information and prevent the nonrenewal is up to the carrier. New Jersey Insurance Law and regulations are silent concerning carriers allowing policyholders to remedy any defects following the issuance of a valid nonrenewal. As such, if things came to the point...

  6. Minimum premium | Ask PIA

    A company recently told me that the New York State Department of Financial Services no longer allows companies to charge a minimum premium. Is this true?

    Not exactly. The situation is a little more complicated than what the company told you. Companies can charge a minimum-earned premium that reflects their costs of issuing the policy. According to the New York State Department of Financial Services, “the purpose of allowing a minimum-earned premium is to permit the...

  7. Insurance scenarios—rates to use | Ask PIA

    I have several different companies I represent. Which company’s rates do I use when completing the scenarios?

    You may choose any of the companies you represent to complete the scenarios document. It’s your choice.

  8. Insurance scenarios—changing auto carriers | Ask PIA

    If you are moving a current client to another company, and they want or need the same coverages, do we have to give them three scenarios?

    Yes. In this case, even though the customer is an existing customer of the agency, he or she will be considered a “new applicant” with respect to the other insurance company you are seeking to place them with.

  9. Insurance scenarios—number of scenarios | Ask PIA

    Are there a specific number of examples that have to be given within each scenario. For example, does there have to be three examples within each of the three scenarios?

    There is not a specific number of examples that have to be given within each scenario. The ones the department mentions in the rule are examples only. However, keep in mind that the purpose of the scenarios document is to educate consumers. So, if you are producing your own document,...

  10. Insurance scenarios—PAIP rates  | Ask PIA

    Can I use PAIP rates when doing the scenarios?

    Yes. The department has said that producers can use PAIP rates when completing the scenarios.

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