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Before a New Jersey resident producer may transact personal lines business on behalf of a particular insurer, what step must the insurer take under N.J.S.A. 17:22A-39?
AFile a private letter ruling with the Treasurer before the producer may solicit any coverage
BObtain a separate writ from the Superior Court authorizing the producer to bind coverage
CRegister the producer with the NJ Department of Banking only, without any filing to DOBI
File a notice of appointment with DOBI identifying the producer
Why this is the answer
N.J.S.A. 17:22A-39 requires each insurer to file a notice of appointment with DOBI within 15 days after executing an agency contract with a producer. The appointment authorizes the producer to bind and transact business on behalf of the named insurer. Termination of the appointment also must be reported, and the insurer must state the reason for termination if it relates to misconduct.
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