It has no fiscal impact on the Department of Insurance. This bill changes the appointment process for licensed insurance producers. It requires activation of an insurance producer's authority to sell insurance on behalf of an insurer on the date the insurer's authorized licensing representative signs a written appointment form, if he and mails it to the insurance commissioner within three business days. The representative must also keep proof of mailing satisfactory to the commissioner. If the commissioner decides the appointment is invalid then it does not take effect on the signing date.
Current law requires activation when the producer receives the written appointment from the insurer.
The bill requires insurers to be responsible for the actions of producers that relate to the appointment.