What Sites

[Agentguy5]

It's also a DOI violation to mention the state guarantees.

In Florida, we are allowed to mention that the carriers we are showing them are Protected Under the State Guarantee Laws.

I don't mention it or recommend bringing it up to replace a policy that is not protected by the State Guarantee as this MAY be in violation of the Fl Dept of Insurance Regulations especially if the carrier being replaced is A rated and the carrier replacing is of a Lower rating.

FYI, I have researched this and called Tallahassee and even Spoken with 2 Different Licensed Instructors and could not get a straight answer. The conclusion I have come up with is that it is all depending on HOW it was mentioned and USED and what the Purpose of mentioning was for. Intent is important to Florida!

 

[pcbinsurance]

Seems like if it's true that you can mention it, the gurus in Tally should be able to give you a straight answer.

I've sold in Florida for 14 years and every carrier and/or manager I've been with have specifically said you cannot mention it. I know my colleagues mention it all the time but I'll stick with "no mention" of it until I see concrete evidence instead of anecdotal evidence.

 

[scagnt83]

It's also a DOI violation to mention the state guarantees.

I thought you didnt care what regulators think??

 

[rousemark]

"Originally Posted by scott9178
(What sites) Do you guys use to show the Financial strength and ratings of the carriers that you offer?"
**************************
You wrote almost 10K in AP last Saturday morning (per you) and you're worried about carrier ratings? LOL!!!!!

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RE: The SGA

JD is correct as usual. Nearly all agents know (or should know) of this but ignore it:

The National Association of Insurance Commissioners (NAIC), the main regulatory body overseeing all insurance activities in the country, specifically prohibits agents and companies from advertising the existence of the guaranty associations.

The NAIC does not oversee the insurance activities in the country. In fact, they are not even a regulatory body. They are an association comprised of member commissioners that make recommendations to the state regulatory bodies. The individual states can adopt those recommendations or choose to ignore them.

 

[scagnt83]

The NAIC does not oversee the insurance activities in the country. In fact, they are not even a regulatory body. They are an association comprised of member commissioners that make recommendations to the state regulatory bodies. The individual states can adopt those recommendations or choose to ignore them.

That is true. But most of their recommendations are adopted by most all the states eventually.

SGA is very state specific though. Most carriers do not want agents talking about it because their lawyers want them to abide by NAIC guidelines just to be on the safe side.

Many states say no to "advertising" using the SGA. Others say no to "inducing to purchase", others use the term "soliciting".
Many states however will allow the agent to educate the client on how the SGA works IF the client asks them what happens if the carrier goes bust. Some states will let you just mention the SGA but the client has to go to the website for detailed info. Basically its a freaking mess when it comes to regs regarding talking about the SGA.

 

[rousemark]

That is true. But most of their recommendations are adopted by most all the states eventually.

SGA is very state specific though. Most carriers do not want agents talking about it because their lawyers want them to abide by NAIC guidelines just to be on the safe side.

Many states say no to "advertising" using the SGA. Others say no to "inducing to purchase", others use the term "soliciting".
Many states however will allow the agent to educate the client on how the SGA works IF the client asks them what happens if the carrier goes bust. Some states will let you just mention the SGA but the client has to go to the website for detailed info. Basically its a freaking mess when it comes to regs regarding talking about the SGA.

It is definitely Ok to mention it on policy delivery since the disclosure is included with the policy packet. You can solidify your sale, protecting it from replacement by those "horrible fraternals"..

 

[pcbinsurance]

For Rouse:

The National Association of Insurance Commissioners (NAIC) is the U.S. standard-setting and regulatory support organization created and governed by the chief insurance regulators from the 50 states, the District of Columbia and five U.S. territories. Through the NAIC, state insurance regulators establish standards and best practices, conduct peer review, and coordinate their regulatory oversight. NAIC staff supports these efforts and represents the collective views of state regulators domestically and internationally. NAIC members, together with the central resources of the NAIC, form the national system of state-based insurance regulation in the U.S.

 

[rousemark]

For Rouse:

The National Association of Insurance Commissioners (NAIC) is the U.S. standard-setting and regulatory support organization created and governed by the chief insurance regulators from the 50 states, the District of Columbia and five U.S. territories. Through the NAIC, state insurance regulators establish standards and best practices, conduct peer review, and coordinate their regulatory oversight. NAIC staff supports these efforts and represents the collective views of state regulators domestically and internationally. NAIC members, together with the central resources of the NAIC, form the national system of state-based insurance regulation in the U.S.

It is a "support" organization for the DOIs.. It is not a regulatory body. The same Wikipedia article goes on to state: "The NAIC acts as a forum for the creation of model laws and regulations. Each state decides whether to pass each NAIC model law or regulation, and each state may make changes in the enactment process, but the models are widely, albeit somewhat irregularly, adopted."

The NAIC is a 501c(3) organization, not a governing body and has no authority to make law.

 

[pcbinsurance]

A Regulatory Support Organization. As SCagent stated, most of their recommendations are adopted by most all the states eventually.

Your semantics antics are second to none Rouse. I never said they make law.

 

[Gooner]

Your semantics antics are second to none Rouse. I never said they make law.

Rouse making things up to fit his narrative? Never...that would never happen. Lol