In a word: Yes. They do. There are organizations that rate the financial condition of insurance companies, such as Demotech, Moody’s and S&P Global Ratings. However, AM Best is probably the most prominent. AM Best uses letter ratings, ranging from “A” (which is...
“What do you do?” We have heard that question a thousand times. It is one of those standard conversation pieces along with: “What do you think of this weather?” and “How about that local sports team!” Every time you meet someone new, it is a virtual guarantee that you...
The Department of Banking and Insurance formally published proposed amendments to the state’s insurance producer continuing-education regulation earlier this week. Under the proposed amendments to N.J.A.C. 11:17-3.6 would: allow producers to carry over up to 12 CE...
The New York Department of Financial Services celebrated the five-year anniversary of 23 NYCRR 500—commonly referred to as the DFS Cyber Security Regulation—with amendments to that regulation. The DFS has released a pre-proposal for comment. Here is what is in this...
The answer to the question posed in the headline is because many excess- and surplus-lines insurance companies’ actions are covered by the contract. Have you ever asked yourself why E&S insurance carriers can cancel a policy with only 30 days’ notice when in most...
A bill (S.8127) that would simplify the process for placing business in the excess-lines marketplace passed the state Senate (62-1) yesterday. The legislation—sponsored by Sen. Neil D. Breslin, D-44—would reduce excessive reporting requirements. Currently, before...
Last October, the New York State Department of Financial Services announced that it changed the continuing-education requirements for insurance producers who do business in New York. The new requirements include additional education that insurance agents and brokers...
New York’s Cybersecurity Regulation (23 NYCRR 500) requires all insurance entities that hold a New York state insurance license—referred to as covered entities in the regulation—to file a certification of compliance with the New York Department of Financial Services...
The Department of Banking and Insurance began the process of amending to the state’s continuing-education regulations earlier this month. The DOBI sent an advance notice of rulemaking to PIANJ—as well as other stakeholders—outlining the amendments they are proposing....
Commissions seem basic: You sell an insurance policy to a client and you get a commission. However—as with all things insurance—it’s never quite that simple. There are laws and regulations regarding commissions, service fees, referral fees and rebating for insurance...