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  1. Service fees | Ask PIA

    May an insurance agent or broker receive additional compensation under a written service fee agreement when placing life insurance?

    A producer acting as an agent may not receive additional compensation for any line of insurance. A producer acting as a broker may receive additional compensation when the broker has complied with the requirements of Insurance Law Section 2119(c) and (d). For details on the requirements of these sections, see...

  2. Charging fees—health plans | Ask PIA

    Can I charge a fee in lieu of commission for a health plan?

    It depends. In Connecticut, a producer who is a Certified Insurance Consultant is allowed to charge fees for selling a health policy, so long as that producer also does not receive a commission. The important thing to note here is that the CIC designation that is allowed to do this...

  3. Cyber security regulation—reportable events | Ask PIA

    When is an unsuccessful cyber security attack a reportable event?

    The New York State Department of Financial Services recognizes that covered entities are regularly subject to many attempts to gain unauthorized access to, disrupt or misuse information systems and the information stored on them, and that many of these attempts are thwarted by the covered entities’ cyber security programs. DFS anticipates that most...

  4. Certificate holder notification | Ask PIA

    In Connecticut, must the certificate holder be notified if the policy is canceled?

    No. There is nothing in the insurance policy requiring the certificate holder to be notified in the event of cancellation. For further details, please refer to QuickSource Document No. QS06058—Certificates of insurance—for information only.

  5. Renewal premium notice requirements—multi-state risks, exempt lines | Ask PIA

    We have a multi-state risk headquartered in New Jersey but with a couple of locations in New York. The company did not send advance warning of a big premium increase but instead billed the client after the renewal date. Shouldn’t the company have sent advance notice before the policy renewed?

    Unfortunately, multi-state risks are excluded from nearly all the provisions of N.J.A.C. 11:1-20, et seq., which is where the requirement you are thinking of is found. “This subchapter shall apply to all commercial insurance policies which are in force, issued or renewed on or after Nov. 7, 1986, by companies...

  6. Quote from different company | Ask PIA

    In New Jersey, is it necessary to obtain the existing client's authorization (either opt in or opt out) prior to sharing the client's personal information for the purpose of obtaining a quote from a different carrier?

    New Jersey law requires agencies to obtain the individual's authorization before disclosing any personal or privileged information received in connection with an insurance transaction unless the disclosure falls under an exception. Most insurance-related functions, including obtaining quotes, are excepted under the law and, thus, do not require an opt in....

  7. Improvements and betterments | Ask PIA

    Does the definition of “your business personal property” in the ISO CP 00 10 form include coverage for fire damage to the following property when obligated by the lease to insure it: 1) improvements and betterments made by a previous tenant, 2) window glass, 3) horizontal wood support joists between...

    When permanent additions are made to a leased building, the improvements become part of the building and, therefore, the property belongs to the building owner. As such, all of the items you mentioned belong to the owner and would typically be insured by the owner. However, if the lease requires...

  8. Additional insureds | Ask PIA

    I have a general liability policy that the date of inception was November 2003. At that time we supplied the insurance carrier with all named insureds and operations for our client. When the audit was completed, it was noted on the audit worksheet that there were several named insureds not...

    When the policy was originally taken, in November 2003, the nonadmitted carrier had been advised of the additional insureds. The documentation is clear and acknowledged, but apparently the insurer neglected to take note. While the error is that of the insurer, they do have a right to audit, and to...

  9. Gas cards as incentives | Ask PIA

    May an agency offer a $5 gas card if someone comes in for a quote?

    Yes. Previously, the New York State Department of Financial Services ruled that this type of incentive does not fit the definition of “an article of merchandise.” Agents were prohibited from giving clients or prospects an article of merchandise that was not a “keepsake” valued at $15 or less. This law...

  10. Dollar limitation on finder’s fee | Ask PIA

    Are there any dollar limitations or restrictions as to the amount that a finder’s fee can be paid to an unlicensed individual?

    There are no monetary limitations on paying a finder’s or referral fee to an unlicensed person. The only restriction on the payment of a fee to an unlicensed person is that the payment may not violate the state’s anti-rebating law and the person making the referral may not engage in...

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