Compliance Dos and Don’ts: Producer Due Diligence
Welcome to Compliance Dos & Don’ts, where experts share their licensing and compliance knowledge. Christa Rapoport, Senior Vice President for Regulatory Strategy and Compliance at Nelson Taplin Goldwater, returns to share her dos and don’ts for producer due diligence. Her secret for success: Create a form that expressly states who the insurer is, who at a company and/or state regulator provided information about their authorization, whether the specific product is filed or exempt, and in which states that product can and cannot be offered, etc. (This is especially important for innovative products.)
And if you only learn one thing from this podcast, let it be this: The responsibility for verifying that an insurer is authorized to offer a specific insurance product in a state lies with the producer.