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  1. Bank insurance requirements | Ask PIA

    How much insurance can a mortgage lender require a mortgage applicant to have?

    In New York, mortgage lenders cannot require, as a condition for granting a “mortgage loan,” that a mortgagor obtain a hazard insurance policy in excess of the replacement cost of the improvements on the property. This provision is found in Section 9 of Part 38 of the General Regulations of...

  2. Auto renewals—nonpayment cancellations | Ask PIA

    Can a company, after the renewal date, issue a cancellation notice for nonpayment of a New York personal auto policy renewal premium; and, if the premium remains unpaid during the 15-day “grace period,” cancel the policy as of the renewal date?

    No. The cancellation of an automobile liability policy that satisfies New York’s financial responsibility requirements on the grounds of nonpayment may only be done prospectively. Accordingly, the cancellation would take effect as of the cancellation date specified in the notice, which must be at least 15 days after the notice...

  3. Servicing SAIP-qualified applicants | Ask PIA

    If I am a New Jersey Automobile Insurance Plan-certified producer must I assist Special Automobile Insurance Policy-qualified applicants with obtaining a standard automobile insurance policy?

    Yes. The New Jersey Department of Banking and Insurance requires all AIP-certified producers to assist SAIP-qualified applicants. If a complaint is filed as a result of not assisting or offering a SAIP policy to a qualified applicant, the producer’s AIP certification may be affected.

  4. Insurance scoring | Ask PIA

    May insurance companies use an insurance score to deny, cancel or nonrenew an automobile policy?

    No, except when the score is used consistent with the company’s alternative underwriting rules.

  5. Premium trust accounts in other states | Ask PIA

    May a producer maintain a premium trust account in a bank in another state?

    Yes. Producers may maintain their trust accounts in a financial institution located outside of the state, as long as the financial institution consents to the jurisdiction of the Department of Banking and Insurance and New Jersey courts and it is not transacting trust business in New Jersey without a certificate...

  6. Temporary licenses | Ask PIA

    If an agency employs only one licensed insurance agent, what happens to the agency's clients if the licensee passes away?

    This is one situation where R.S.A. Section 402-J:11, regarding temporary licenses, comes into play. The statute provides that the commissioner may issue a temporary license for a period of up to 180 days if the commissioner deems it necessary for the servicing of an insurance business in certain situations.First, the...

  7. Mandatory SR-22 forms | Ask PIA

    Are SR-22 forms still mandatory?

    No. A bill passed in 2004 eliminated the requirement that persons file a certificate of financial responsibility, known as a SR-22 form, with the motor vehicle commissioner following certain motor vehicle violations. Previously, the filing was required for violators to receive or retain driver’s licenses or registrations, or for restoration...

  8. Acting as a consultant | Ask PIA

    I currently am licensed as a property/casualty producer. Someone has asked me to act as a consultant, on a one-time basis, to review his insurance policies. Do I need a consultant’s license to do this?

    As a licensed property/casualty producer, you can act as a consultant, as long as you do not charge a fee to review the insurance policies. If you charge a fee, you must become licensed as an insurance consultant.

  9. Service fees on a renewal policy | Ask PIA

    Can I charge an insured a service fee for a renewal policy?

    This is permitted only in certain situations. Agents were previously flatly prohibited from charging a fee for renewal policies. The state statutes were amended. Section 38a-707 states: No insurance producer shall have any right to compensation, other than commissions deductible from premiums on insurance policies...

  10. Nonrenewal and cancellation notices | Ask PIA

    What information must accompany nonrenewal and cancellation notices if the reason for the company action is losses?

    According to Connecticut Insurance Department Bulletin PC-42-09, which supercededed Bulletin PC-42-04 and Bulletin PC-42, http://www.ct.gov/cid/lib/cid/BullPC-42-09.pdf, personal-lines notices must state the loss dates, type and amounts paid or incurred. If motor vehicle violations are part of the reason, the date, type and individual involved must be included. For commercial lines...

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