FOR IMMEDIATE RELEASE
ON-LINE TERMINATIONS OF LICENSEES NOW ACTIVATED
Superintendent Gregory V. Serio today announced that New York State now permits on-line terminations of licensees allowing for real time terminations of agents. The Department introduced electronic appointments last December and now insurance companies can also terminate agents electronically eliminating the need to use paper.
As with the online appointment process, terminations done electronically will be processed immediately and insurers will receive instant confirmation that the termination was processed.
"With over 100,000 appointments and terminations processed annually, this new process is sure to add to the already realized savings of almost a million dollars a year, in what used to be a paper intensive process, plagued by incomplete applications, staff overtime and other paper-processing costs," said Serio. "Allowing for terminations on-line is the most efficient means to allow insurers to terminate licensees. The Department is positive the industry will take advantage of this latest technology and continue to add to the savings we are seeing from our on-line licensing initiatives."
"As with the Departments other on-line licensee processes, the termination process is available 24 hours a day, seven days a week, affording insurers the opportunity to access the technology on weekends and after hours on work days," stated Serio.
Last year, the Department completed its first full year of online licensing for agents and brokers for license renewals and new applicants. The Departments licensing reforms include: online temporary adjuster permits, online applications for original licenses, online renewals for brokers and agents, and licensing through NIPR for non-resident brokers and agents.
of the States licensees able to apply or renew for licenses electronically - a
completely paperless licensee process is within reach as the Department continues to
strive to provide customer service at its best," added Serio.