Officers of the Professional Insurance Agents of New Jersey (PIANJ) met recently with Department of Banking and Insurance (DOBI) and the Association for Cooperative Operations Research and Development officials to discuss the correct interpretation of Insurance Identification Card Regulations.
The regulation allows for either of two types of permanent insurance ID cards-the IV2A and the ACORD 50 WM-to constitute a valid ID card. However, confusion over the necessary information required for each type of card has prompted department letters to producers citing noncompliance with the regulation.
The PIANJ’s announcement indicated that, “the IV2A should not be incorporated into the ACORD 50 WM card; key differences were noted between the two card types. The IV2A requires the signature of an authorized representative; the ACORD 50 WM does not, as it must be printed on watermark paper to be compliant. The IV2A must include the agency name and address; only the agency name and phone number are required on the ACORD 50 WM.”
“The DOBI agreed the only valid edition date for the ACORD 50 is the WM 2/95; all others should be destroyed. Also, the ACORD 50 WM cannot be used to issue temporary ID cards,” the announcement continued.
PIANJ is working in conjunction with the DOBI to develop a quick reference guide, which it indicated would be available soon, to help producers compare similarities and differences between the IV2A and ACORD 50 WM; it will include a sample compliant copy of each card.
Topics Legislation
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