PIA Search

Results 2011 - 2020 of 3226

  1. Secondary location | Ask PIA

    We have an insured who owns two condo units in the same building. Both are for his use. One is his primary residence and the other is used as an office, which also contains a guest bedroom. He does not sleep in this unit, but his girlfriend sleeps there occasionally....

    A secondary residence (also known as a second home) is a residence used for vacationing or secondary living purposes. Unfortunately, ISO does not define a secondary residence as they do a seasonal residence (one that must be unoccupied three or more consecutive months during any one-year period). If he is...

  2. Licensee moving to New Jersey | Ask PIA

    I’m a New York-resident producer who also holds a nonresident producer license in New Jersey. I’m going to move to New Jersey and wish to obtain a resident producer license. Will I have to start from scratch with education or is there some sort of reciprocity?

    If you are duly and properly licensed as a resident producer in your home state, N.J.A.C. 11:17-2.4 allows you to obtain resident licensure status, by notifying the Department of Banking and Insurance within 30 days of moving into the state of your new contact information. Within 90 days, you must...

  3. Payment of commissions | Ask PIA

    I have two questions about commissions. Can I pay a commission to someone who has let their errors-and-omissions policy lapse (or doesn’t have one)? Can I pay a commission to someone who has let their license lapse or has left the business and is no longer licensed?

    Yes to both of those, but with some caveats. E&O liability insurance is not required by law or regulation, though it is good business practice, so you can pay someone a commission even if they don’t have it. However, check the agency contract because insurance carriers often require an agent to carry a...

  4. Credit and travel authorities | Ask PIA

    I just got my Connecticut producer’s license renewal in the mail. It now states on the license “credit and travel.” What are those and will I have to take continuing-education credits for those?

    In speaking with the supervisor of the Connecticut Insurance Department, licensing division, “credit and travel” authorities have always been included in the standard lines of authority (at least since 1999), and, yes, they have always been printed on the license. Credit includes credit life, credit disability, credit property, credit unemployment,...

  5. Dual claims | Ask PIA

    A client is insured with Carrier A under a standard personal automobile policy and has an accident with another insured of the same carrier under the same type of policy. Both insureds have New York policies and garage their cars in New York. It is my understanding that the deductible for...

    The situation which you are describing is considered a “dual claim,” one where two unrelated insureds, involved in an accident are insured with the same carrier. There is no standardized way that these claims are handled; some carriers have been known to waive the deductibles for those involved in these...

  6. Fee for a SAIP policy | Ask PIA

    Can I charge a service fee for placing a SAIP policy?

    No. Article 19 of the SAIP Plan of Operation forbids this, specifically stating that “A producer cannot charge a producer service fee for New Jersey SAIP applications.”

  7. CE deadlines for New York sublicensees | Ask PIA

    If someone functions both as a sublicensee with the qualifying authorities for a corporate license, and also holds an individual license with those authorities, which renewal date is their deadline for that person to complete continuing-education credits—the corporate or the individual license renewal?

    It’s not just the one date or the other that the person needs to worry about: Both renewal dates are deadlines for these individuals to demonstrate their continuing education compliance.The rule on CE compliance is: “In every case, the CE requirement must be fulfilled during the licensing period of the...

  8. ’Bridge courses’ still available | Ask PIA

    Does the New York State Department of Financial Services’ policy about not being able to use the same course twice affect the ability to use “bridge” courses to renew two classes of license?

    No. The New York State Department of Financial Services’ policy applies to situations where the individual re-takes the same course twice, not to using bridge courses to satisfy two types of license authority. The DFS will not accept the same course (exact same name and approval number) to satisfy continuing ...

  9. Nonresident licensing—Hawaii | Ask PIA

    I work for an agency that operates under a business-entity license. I have the opportunity to handle an account in Hawaii, and need to know if I can do so under an individual nonresident license, or if the agency needs to obtain nonresident licensure.

    In this situation, Hawaii requires the entire agency to obtain licensure. The test is whether the insurer has the business relationship with the individual producer or the business entity. If the insurer pays commission to the business entity, then it is the business entity that must obtain the nonresident license.

  10. Lawful auto rate discrimination | Ask PIA

    How can auto insurance companies discriminate and charge different rates for credit, age, gender, etc.? Is that really legal?

    There is actuarially justified and “fair” discrimination, but there also is “unfair” discrimination. Unfair discrimination is prohibited by law. Everybody knows that youthful operators have greater loss experience, and to the extent this is actuarially justified, insurers are permitted to charge higher rates for these operators (legal discrimination). ...

Search
Filter Clear