An insurance binder is best described as

The required reciprocity shall be reached if 29 states:

One way in which states may comply with the requirements of GLB is by recognizing and accepting the nonresident licensing procedures of other States on a reciprocal basis, so that producers will not be required to meet different standards in each state. Novemis also the deadline for States to meet the requirements of the Gramm-Leach-Bliley Financial Services Modernization Act of 1999 ('GLB'). The Act, while taking immediate effect, provided that the new provisions would remain inoperative until rules and regulations were promulgated, or until November 12, 2002. The Act’s stated purpose is to govern the qualifications and procedures for the licensing of insurance producers, simplify and organize the statutory law to improve efficiency, permit the use of new technology and reduce costs associated with the issuance and renewal of producer licenses. On August 15, 2001, the New Jersey Legislature enacted the New Jersey Insurance Producer Licensing Act of 2001, P.L.2001, c.210 (the 'Producer Licensing Act' or 'the Act'). 17:1-8.1 and 15(e) and 17:22A-26 et seq.Ĭalendar Reference: See Summary below for explanation of exceptions to calendar requirement.

Bakke, Commissioner, Department of Banking and Insurance.Īuthority : N.J.S.A.

An insurance binder is best described as