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04 September 2012
The National Insurance and Bonding Commission has issued an amendment to the Uniform Insurance Ruling that will require insurers to ensure that service providers hired to sell insurance products comply with the law.
Under the Insurance Law, entities that are engaged to sell insurance products must provide proper training to the employees who actually promote insurance products. The commission evaluates and certifies such employees.
Pursuant to the amendment, insurers must now request evidence from third-party vendors that they have provided the relevant training for their employees, and that such employees have received certification from the commission. Insurers must further amend the corresponding service agreements and file the amended documents with the commission within four months of the amendment's effective date (ie, by December 8 2012). The commission will then have 15 business days to make any comments and may request additional amendments to the agreements.
Telemarketing services and vendors of micro-insurance products will be exempt from these new obligations.
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