NJ Casualty Producer Latest Update Graded A+

NJ Casualty Producer Latest Update Graded A+ Powers and duties of Commissioner Conduct research Make reasonable rules and regulations Issue orders and notices Issue insurance licenses and certificates of authority Impose penalties Approve insurance policy forms and rates Amount of days notice before hearing 10 Retrocession When a reinsurer transfers risks it has accepted to another insurer Producers can be Agents, brokers or both Insurance agent a licensed insurance producer who is appointed by an insurer to sell insurance. An agent represents the insurer not the insured Insurance broker a licensed insurance producer who negotiates insurance on behalf of insureds or policy owners, not on behalf of an insurer or agent. Brokers represent their clients, not the insurer or agent Insurance consultant a person who, for a fee, acts or holds himself out to the public or any licensee as offering any advice, counsel, opinion, or service with respect to the benefits, advantages, or disadvantages under any policy issued in this state Insurance related conduct Soliciting, negotiating or binding policies of insurance All communications with insureds concerning any term or condition of policy insurance Office management policies affecting insureds Processing claims Transmitting funds between insureds, produces, premium finance companies, and insurance companies Producer license requirements 18 years old Have no committed any act that is ground for denial, suspension or revocation of a license Complete the pre-licensing education requirement Complete the application and pay the fee Pass the licensing exams for the lines of authority for which the individual has applied Business entity producer application must include -Business entity legal name and addresses -Other business names if any -Names, License number, License lines of authorities for each licensed officer or partner and, if any, all persons owing 10% or more of the business entity -Responses to questions concerning the applicant's character, fitness and financial responsibility For the Commissioner to issue and insurance producers license to a qualified nonresident producers, the person must... -Be currently licensed and in good standing in her resident state -Submit the proper application and fees -the home state of the person must award insurance producer licenses to producers of this state on the same basis Who are exempt from state licensing examination -Nonresident producer applicants -Nonresident producers moving to this state from a reciprocal state who apply for resident license within 90 days How many days must a producer (res or nonresident) provide a certification from the new resident state the change of legal residence 30 Surplus lines producer must hold what Property and casualty producer license How long does a temporary work authority last 60 days How long for an insurer to provide written notice to the commissioner that an agency contract has been cancelled 15 days and the notice must include the reason for cancellation How many days can the commissioner issue a temporary license and for what reasons 180 days -for the death or disability of a licensed producer and active military service of the licensed insurance producer -can be issued to the spouse, executive, employee or other designee How often does a producer license renew every