ACom3 License and Compliance
The ACom3 License and Compliance Application (ACom3 L&C) ensures that an insurance carrier and its producers maintain appropriate credentials for each state and product type.
ACom3 L&C handles credentialing in three phases:
- Establish Credentials
- Maintain Credentials
- Validate Producer Credentials
ACom3 L&C allows credentials to be established by each separate insurance carrier within a family of companies. This includes each entity’s certificates of authority and lines of business associated with them. ACom3 will also let each carrier determine what credentials are required for Producers who solicit and sell insurance on its behalf. Producer credentials include a state insurance license, an appointment to represent the insurance carrier, executed contract forms and their associated addenda, proof of errors and omissions insurance, various background checks, and product authority.
When used in concert with the ACom3 Commission and Incentive Compensation System, ACom3 will validate a producer’s credentials to properly handle commission payments. When necessary, ACom3 will suppress commission transactions when required credentials are not met. Commissions will be suppressed until the missing or expired credential element has been updated. After a predetermined time frame, suppressed commission transactions will be forfeited. ACom3 L&C can also be integrated to other commission systems to provide similar functionality.