Maintain Credentials

As a carrier enters new states or adds products in a given state, Certificates of Authority along with their associated lines of business may be added to the Credential Control Table by a designated user. Any changes to a producer’s contract will be captured when a user updates its status or adds/deletes addenda, amendments, or commission schedules.

Producer license expiration dates will be tracked by ACom3 and user-defined correspondence, requesting the producer to provide evidence of license renewal, will be automatically generated by ACom3’s correspondence module using business rules set forth in the Credential Control Table. An alternative approach will produce a report of expired licenses that allows users to consult a department of insurance website to determine if licenses have been renewed. When a copy of the renewed license is received or when a user confirms the license renewal using the DOI website, the user will update the license expiration date on ACom3. ACom3 will provide a view of all pending license renewals that will allow users to manage them. This view may be sorted by state, producer name, or expiration date.

Producer appointment renewals will be facilitated by a process that will allow state insurance department generated electronic appointment renewal files to be reconciled with each company’s producer appointment records. The resulting view will indicate (1) state appointment records and company appointment records that match and should be renewed, (2) state appointment records that do not match company appointment records and should be investigated to determine if renewal is warranted, and (3) company appointment records that do not match state appointment records and should be investigated to determine if an appointment request should be initiated. For states that do not provide an electronic appointment renewal file, a user may request a report that lists all producers appointed in that state. When a user completes appointment renewal processing for a given state (report preparation, fee payments, etc.), they may request a batch update of appointment expiration dates for producers whose appointments were renewed.

Errors & Omissions coverage expiration dates will be tracked by ACom3 and user-defined correspondence, requesting the producer to provide evidence of coverage renewal, will be automatically generated by ACom3’s correspondence module using business rules set forth in the Credential Control Table. When a copy of renewed coverage is received, a user will update its expiration date. ACom3 will provide a view of all pending E&O renewals that will allow users to manage them. This view may be sorted by producer name or date.

When a producer provides an IRS form W-9, a user may indicate their tax ID is validated. If the IRS notifies the company that the producer’s name and tax ID do not match, then such notification may be recorded by a user. A user may also record IRS instructions to withhold income taxes (mandatory backup withholding) from a producer’s commissions.