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Producer Licensing Update

Producer Licensing Update. Tim Mullen, NAIC Director Market Regulation Department Greg Welker, NAIC Antifraud and Producer Licensing Program Manager. Producer Licensing Structure. Producer Licensing (D) Task force Larry Deiter, Chair (South Dakota) Mike Kreidler, Vice Chair (Washington)

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Producer Licensing Update

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  1. Producer Licensing Update Tim Mullen, NAIC Director Market Regulation Department Greg Welker, NAIC Antifraud and Producer Licensing Program Manager

  2. Producer Licensing Structure • Producer Licensing (D) Task force • Larry Deiter, Chair (South Dakota) • Mike Kreidler, Vice Chair (Washington) • Producer licensing Uniformity (D) Working Group • Chris Murray, Chair (Alaska) • Uniform Education (D) Working Group • Rachel Chester, Chair (Rhode Island)

  3. Producer Licensing Task Force • NIPR initiatives • Encourage full utilization of NIPR products and services by all states and producers • Encourage accurate and timely reporting of state administrative actions to NAIC’s RIRS • Surplus lines • Role of chatbots/AI and regulatory supervision

  4. Robo Advisors • Types of Robo Advisors • Interface between insurer and insured • Comparison site or decision support tool • Core components • Data • Algorithms • Choice architecture • Some Examples

  5. Regulatory Discussion • Role insurance producers will play in conjunction with automated services? • Producer reliance on automated tools • Consumer reliance on automated tools • Expansion of marketplace? • Better customer services? • Regulator oversight of algorithms?

  6. Producer Licensing Uniformity Working Group • State Licensing Handbook • Uniform Licensing Standards • Exam Testing • Fingerprinting and Background Checks • U.S. 1033’s

  7. Producer Licensing Uniformity Working Group • State Licensing Handbook • 2019 Review • Structure of review • Conference Calls • Working Group webpage • Final review completed by Nov. 1, 2019

  8. Producer Licensing Uniformity Working Group • Uniform Licensing Standards • Annual review/update • Monitor progress • Assist as needed

  9. Producer Licensing Uniformity Working Group • Exam/Testing • Work closely with state producer licensing directors and exam vendors • Achieve full compliance with the standards in order to achieve greater uniformity; • Exams test the qualifications for an entry-level position as a producer.

  10. Producer Licensing Uniformity Working Group • Fingerprinting and Background Checks • Use of criminal history reports • U.S. 1033’s • Discussion on waiver forms being used

  11. Uniform Education Working Group • Continuing Education Reciprocity Form • New form adopted in 2018 • Continuing Education Reciprocity Agreement • First draft distributed on March 29th • Conference calls • Webpage • Finalized by NAIC Fall National Meeting

  12. Questions/Comments

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