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Frequently Asked Questions
Common questions regarding...
Q: I am a nonresident and wish to apply for a producer license in your state. How can I do this?
Q: What is involved with obtaining a Limited Lines Insurance Producers license? Q: What types of limited lines licenses are there? Q: Do I need to license my legally formed business entity, corporation, LLC, or is my individual license sufficient? N.J.A.C. 11:17-2.8 states that the New Jersey Department of Banking and Insurance (NJDOBI) must approve all business and trade names of applicants for a resident New Jersey insurance
producer license. It is strongly recommended that name approval by this Department is obtained prior to submitting an application for a resident New Jersey insurance producer license. Additionally, please be advised that recording of the name by the County Clerk or government entities does not guarantee acceptance by this Department. For this, as well as other reasons, all name requests should be approved by the Department of Banking and Insurance before the recording of the name by a County
Clerk or other government entity. Names that do not comply with N.J.A.C. 11:17-2.8 will not be approved.
Q: Are there any changes that affect surplus lines producer licenses? Q: What are the fees charged?
Q: What are the mandatory prelicensing education classroom hours for the various insurance producer lines of authority? (These hours include the instruction topics covered during the previously mandated 15 hours in insurance regulation. **)
Approved insurance education providers may offer a supplemental prelicensing education course to assist those license candidates who feel the need for more detailed instruction. This course may be of any duration but is not mandatory. All required instruction will be included in the mandatory course lasting 20 hours for the major lines identified above or 10 hours for Limited Lines - Bail Bonds.
Q: How much is the examination fee?
Q: Can the examinations be waived? Q: How do I obtain study material to aid in passing the examination if I have received a waiver of the education requirements? Q: How many continuing education credits will I need prior to the renewal of my license? Q: The continuing education course I completed did not meet my expectations. What can I do? Q: Currently, I have more than the required credits to renew my license. Can I carry them over to the next licensing cycle?
Q: I maintain a non-resident New Jersey producer license. Do I have to meet continuing education requirements? Q: Do continuing education requirements apply to attorneys? What if the attorney has authority only to transact Title lines of coverage? Q: Do I have any alternative to taking a traditional prelicensing or continuing education class? Q: I have an insurance designation that has its own continuing education requirement. Does the state have any other continuing education requirements for me? Q: Credits were not banked for a course I completed several months ago. Q: I am disabled and cannot sit in classes. Q: When do I have to send in a late fee for renewal? Education Providers
Which of these actions should a producer take when submitting an insurance application to an insurer?*Inform insurer of relevant information not included on the application (One of the actions a producer should take when submitting an application is to advise the insurer of any other relevant information not contained in the application.)
What authority does the commissioner have over Tennessee producers?what authority does the Commissioner have over TN producers? the commissioner may establish guidelines for continuing education as a part of the producer license renewal procedure.
What is a valid Tennessee regulation for referral fees?Tennessee Real Estate License Law prohibits a licensee from paying a referral fee to a non-licensee. Consumers sometimes request a fee for referring a prospect to a licensee or for finding available property. Such requests are commonly referred to as birddog fees or finders fees, and these fees are illegal.
How must a replacing producer response to an applicant?A producer involved in a replacement transaction must leave with the applicant a notice regarding replacement and all of the sales material used in the presentation. In addition, the producer is responsible for obtaining a list of all existing insurance.
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