In an effort to simplify and streamline their licensing procedure, the New Hampshire Insurance Department adopted legislation that followed the lead of The National Association of Insurance Commissioners (NAIC). This resulted in the adoption of the Producer Licensing Model Act that encourages the use of enhanced technology that improves the regulation of insurance industry. Licenses issued under the prior law include the following:
Under the new law, instead of issuing the various types of licenses named above, all qualified individuals and entities are issued a Producer license.
Producers may act as:
Agent for a company:
Similar to the old law, you must receive authorization from your company through the Department. Company appointments are valid until either they are cancelled by the appointing company or until the producer license is cancelled or not renewed. Probably the biggest change that licensees will notice involves the Department’s utilizing the licensee’s birth date (or in the case of corporate licensees, the incorporation date) to establish expiration (i.e. renewal) dates for newly issued producer licenses.
This article is intended to be helpful and informative. But even common legal matters can become complex and stressful. A qualified insurance lawyer can address your particular legal needs, explain the law, and represent you in court. Take the first step now and contact an attorney in your area from our directory to discuss your specific legal situation.