The New Hampshire Insurance Department (NHID) Commissioner Chris Nicolopoulos issued a bulletin reminding insurers that they must comply with the New Hampshire statutory requirement that all insurance producers acting as the agent of an insurer be appointed by the insurer.
“The New Hampshire Insurance Department recently became aware of at least one insurer in New Hampshire that had failed to appoint the producers that were selling their products,” Nicolopoulos said in a NHID press release. “Insurers who are not in compliance should immediately appoint all producers acting as their agents. Failure to comply with this statutory requirement may result in administrative action going forward.”
New Hampshire statutes provide penalties of up to $2,500 per violation for insurers and producers who sell insurance through a producer without an appointment. To appoint a producer in New Hampshire, an insurer should utilize the National Insurance Producer Registry gateway and pay the associated fee of $25.
Source: The New Hampshire Insurance Department
Topics New Hampshire
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