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|Significant Changes to NJ Producer Licensing Regulation Effective January 1, 2007|
1. Changes prelicensing education mandated instructional requirements to a minimum of 20 hours per line of authority;
2. Allows self study and internet online courses for prelicensing education;
3. Allows waiver of prelicensing education only (not testing) for several additional insurance professional designations;
4. Requires 24 hours of continuing education biennially for resident producers, with three of those hours in ethics; For producers selling Flood coverage, requires 3 hours one-time only for flood training
5. Requires that continuing education compliance be biennial and tied to the renewal date;
6. Adds car rental insurance and travel insurance as limited lines and defines these lines of authority using the uniform definitions adopted by the NAIC.
7. Changes the producer licensing term to a biennial period; and
8. Effective with insurance producer licenses issued or renewed on or after January 1, 2007 the expiration dates for new and existing individual licensees will be biennial on the last day of the birth month of the producer, and for business entity licensees biennial on May 31. If the term of the license for new producers or those transitioning to the biennial license would be less than 18 months if renewed the second birth month (or May 31 for agencies) following issuance or renewal, the license will instead expire the following birth month (or May 31 for agencies).
9. Requires education providers to renew the courses they offer at the time they renew their provider license.
10. Requires a fee for producer appointments and annual appointment renewal process via the National Insurance Producer Registry (NIPR) in May of each year.
|Updated 07 May|
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State of New Jersey
New Jersey Department of Banking and Insurance