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  1. Referral fees | Ask PIA

    Can I implement a program where I reward nonproducers for providing leads or sales prospects? Can I base the size of the rewards on the quality of the lead, or if it leads to a sale?

    Yes, such a program would be allowed if certain guidelines are followed. Although there are no restrictions on paying a finder’s fee or referral fee to a nonlicensed person, the referring person must not engage in any conduct that requires a producer’s license, such as selling, soliciting, negotiating or discussing insurance...

  2. Nonrenewals for bankruptcy of commercial client | Ask PIA

    Is it permissible for insurance company to nonrenew a commercial policyholder who has filed for bankruptcy?

    Yes. New Jersey’s regulations allow insurers to nonrenew a commercial policy for various stated reasons, or based upon any of the company’s written underwriting guidelines, as long as the guidelines are not arbitrary, capricious or unfairly discriminatory. So, nonrenewal would be permissible if the company’s written underwriting guidelines provide for...

  3. Access to customer information maintained by company | Ask PIA

    Some companies provide access to policyholder information such as declaration pages to their producers through their website. When the company terminates the producer’s appointment, is the company required to continue to provide the terminated agent access to this information?

    This is a contractual issue that producers need to be aware of. Your contract with the company should provide explicit protection that you will have continued access to the information preferably for as long as reasonably sufficient to satisfy any applicable statute of limitations period, or for at the very...

  4. Workers’ compensation fines | Ask PIA

    Can members of a limited liability company or officers of a corporation be held personally responsible for workers’ compensation fines when the employer has failed to comply with the insurance requirements?

    Principals of the employer entity generally will be held personally liable for uninsured violations and penalties. This is true for Connecticut, New Hampshire, New Jersey, New York and Vermont.

  5. Choice of repair facility | Ask PIA

    Can an insured choose where to have repairs made for auto physical damage?

    Yes. Section 38a-354 of the Connecticut Insurance Law states: (a) No automobile physical damage appraiser shall require that appraisals or repairs should or should not be made in a specified facility or repair shop or shops. (b) No insurance company doing business in this state, or agent or...

  6. Who can be a sublicensee? | Ask PIA

    Our agency is a corporation licensed for property/casualty. We want to obtain a life insurance license for the corporation so it can accept shared commissions from another agent. One of our employees is licensed for life, but none of the corporate officers or directors currently hold a life license. Can...

    No. Employees are not eligible to be sublicensees. Only qualified officers, directors or (in the case of LLCs) members or nonmember managers (depending on the organizational form of the business) can be a sublicensee.

  7. Premium-financed return premium | Ask PIA

    We have several trucking policies written through an managing general agent. They are telling us that when they return premiums on premium-financed policies they cannot return the premium to our agency. They say they are required by law to return the premium to the premium-finance company. Is this correct?

    Yes. N.J.S.A. 17:16D-14 states that, “whenever a financed insurance contract is canceled, the insurer on notice of such financing shall return whatever gross unearned premiums are due under the insurance contract to the premium-finance company for the account of the insured or insureds within a reasonable time, not to exceed...

  8. Verbal threshold | Ask PIA

    How does the verbal threshold work? Does it apply to economic loss or just noneconomic loss?

    It applies to just noneconomic loss, which includes general damages—such as scaring or pain and suffering. Economic loss refers to special damages that have intrinsic monetary value such as medical bills and lost income. The “verbal threshold” establishes a threshold of serious injuries that must be incurred before the claimant...

  9. New York health insurance continuation | Ask PIA

    Is New York’s health insurance continuation law the same as COBRA?

    It is not. New York State Insurance Law Section 3221(e), provides for the continuation of health insurance for employees separated from their employers who have fewer than 20 employees and are thus not covered by COBRA, which is the federal legislation on the same subject. Information on the federal law...

  10. Certificates—contract requires less coverage | Ask PIA

    My client has entered into a contract to do work that requires them to carry a minimum of $1 million worth of coverage. However, my client’s policy actually provides for $5 million worth of coverage. On the certificate, should I list the actual amount of coverage or only the amount that is...

    You should list the actual amount of insurance on the certificate of insurance, as to do otherwise would be considered misleading and a violation of New Jersey’s Certificate of Insurance Law. New Jersey Statutes Annotated Section 17:29A-58(5)(a)(1) states that it is illegal for a person to prepare or request the...

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