PIA Hails NCOIL Approval Of Model Law On Certificates
"This is a great achievement for PIA and NCOIL," said PIA National President
Harris testified, urging legislators to act because agents are increasingly being asked to add information to certificates of insurance that may not match the underlying policy terms. Some lenders had expressed concern that the model would make it impossible for them to rely on certificates as adequate evidence of coverage. In order to address these concerns, NCOIL passed a model binder law making it clear that the binder is the proper document for lenders to use as evidence of commercial property coverage, not a certificate.
PIA plans to continue our work with carriers and lenders to craft a special
Input by Harris was instrumental in brokering a compromise among insurers, lenders and legislators, which led to the successful passage of the model certificates law. Harris is the owner of an independent insurance agency, the vice chairman of a de novo bank in
"This model is an excellent product that reflects many months of extensive examination by the legislators," said
"We congratulate the legislators and staff of NCOIL for this achievement," Eppstein said. "The legislators identified a problem in the marketplace, deliberated the best way to solve it and then acted in a timely manner. This shows the strength of state regulation and how well state legislators can react to improve market conditions."
NCOIL is an organization of state legislators whose main area of public policy interest is insurance legislation and regulation. Most legislators active in NCOIL either chair or are members of the committees responsible for insurance legislation in their respective state houses across the country.
TNS 61RiaMontes 121122-4116856 StaffFurigay
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|Source:||Targeted News Service|