Domestic, Foreign, and Alien Insurance Carriers
With new generations entering the insurance profession and the rise of the insurtechs, many people are struggling to master industry jargon, though these terms aren’t a complicated as they might seem
Compliance
Surplus Lines State Stamps: The Essentials
Surplus lines compliance requires careful attention to detail and adhering to a sometimes bewildering variety of state requirements. Keeping the essentials in mind and understanding the why behind these requirements can make compliance easier.
Adjusters: They’re Not All the Same
Other than the agents who sell them their policy, the insurance professionals who have the most contact with policy holders are adjusters. If you don’t work in claims, however, you may not realize that there is more than one kind of insurance adjuster.
NAIC and NIPR: What They Do
If you’ve been in the insurance industry for long, you’ve seen references to the NAIC and NIPR. These two organizations play a fundamental role in regulating our industry.
Dealing with a Lapsed License
If the individual license for an agency’s Designated Responsible Licensed Producer (DRLP) lapses, it puts the agency’s license at jeopardy. Here’s what to do if your license renewal deadline has ‘whooshed by’.
8 Sources for Insurance Designations
For producers and compliance professionals alike, professional designations show your commitment to your insurance career. Furthermore, they can open doors to a new job or promotion to a leadership role with your current agency.
What is an MGA?
The exact wording of each state’s MGA definition varies slightly, but the fundamental principle is the same; an MGA acts—in a limited way—as an underwriter. The contract between the MGA and the insurer spells out its specific duties and tasks.