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  1. Signatures required? | Ask PIA

    Some of our insurance carriers issue I.D. cards that are stamped. Do New Jersey I.D. cards need to be signed?

    No signature is required. For more information see QuickSource document No. QS29099, titled New Jersey I.D. card regulation.

  2. Binder prior to closing when refinancing property | Ask PIA

    We have insureds refinancing their home and the mortgagee is requesting a binder prior to setting the closing date. We could change the mortgagee on the policy and issue the binder but this would create a problem for the current mortgagee’s interest. Should the attorney be asking for an evidence...

    The preferred way to handle this would be to offer the attorney a current Certificate of Property Insurance form (ACORD 24) ahead of the closing date. Then, after the closing has occurred, send the insurer a request to change the mortgagee and issue the Evidence of Personal Property form (ACORD...

  3. W-9 IRS tax forms—request by policyholder | Ask PIA

    We have been asked by a client to provide a W-9 Form. What is this and why does the client need it?

    Form W-9 is the Internal Revenue Service form used by a business or person required to file an information return (such as a 1099) in order to obtain a business’ correct taxpayer identification number (TIN). A person who is required to file an information return with the IRS must obtain...

  4. Offsetting premium owed by withholding from a claims payment | Ask PIA

    May a company reduce a claim payment by the amount of premium owed on the policy?

    Yes. In New York State Department of Financial Services’ Opinion of the General Counsel 72-8 (and confirmed in OGC Opinion 95-39), the DFS ruled on whether an insurance company or an insurance agent or broker is permitted to use a return premium or claim payment due an insured to offset...

  5. Signatures—agency employees | Ask PIA

    Is it permissible for our licensed employees to sign insurance applications on behalf of the agency?

    Yes. Under N.J.A.C. Section 11:17-2.10(b), a licensed producer (individual or business entity) may enter into an employment contract by which the employed producer (employee) conducts business under the supervision of, and in the name of, an employing producer (employer). However, such contracts must be in writing and specify that it...

  6. Fees and commissions | Ask PIA

    What is the interplay between fees and commissions in New Hampshire? Can a producer receive both?

    A producer can receive commissions (as per Section 402-J:13), and a consultant can receive fees (as per Section 405:44-a). A person who acts in both capacities can receive both types of compensation. However, a producer may not act as a consultant and a producer on the same transaction; to do...

  7. Time frame for mailing—personal lines nonrenewal notice | Ask PIA

    A company recently sent a nonrenewal notice to a personal-lines customer. In order to say that the company gave at least 45 days’ notice, we would have to include both the date of mailing and the renewal date within the 45 days. Did this company’s notice comply with the law?

    No. The company gave inadequate prior notice. New York State Insurance Law Section 3425, governing personal-lines nonrenewals, requires a company to provide at least 45, but not more than 60 days’ advance notice of its intent to nonrenew. According to the Department of Financial Services, Section 20 of the General...

  8. Record retention—quotes | Ask PIA

    Are producers required by law to retain documentation regarding quotes provided to prospects that do not obtain a policy through the agency?

    No. New Jersey’s record retention regulation (N.J.A.C. 11:17C-2.5) requires producers to maintain a file for each client or customer for at least five years after termination of coverage. If a quote is provided to a prospect who does not become a client/customer, the record retention requirements do not apply.

  9. Trust account designation | Ask PIA

    Can the premium trust account be named “Trust Account” or “Premium Account?”

    N.J.A.C. 11:17C-2.3 requires that an insurance producer maintain a trust account and it must designate the account as a “Trust Account” on the bank records and those words must be displayed on the face of the checks for that account.

  10. Requirement to provide declaration page | Ask PIA

    Are producers required to scan declaration pages into their agency management system for policyholders?

    No. There is no legal requirement for producers to maintain or provide declaration pages to their customers.

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