NIPR Says 13 States Added To Residential Licensing

NU Online News Service, March 28, 2:41 p.m. EDT

Thirteen states were added for residential licensing and eight were added for resident-licensing renewals for licensing applications with the National Insurance Producer Registry, the group says in its annual report.

The NIPR, a non-profit affiliate of the National Association of Insurance Commissioners, released its 2010 annual report today during the NAIC's meeting in Austin, Texas.

The NAIC says with the addition of the 13 states it now processes online resident-licensing applications for 34 states and renewals for 27 states.

"We marked significant achievements this year, including exceeding last year's record number of state project implementations and reaching a milestone with the 100 millionth transaction processed through the NIPR Gateway," says NIPR Executive Director Maryellen Waggoner in a statement. "Reaching these goals advances NIPR's mission of a partnership that supports the work of the states and the National Association of Insurance Commissioners.

"We will continue our efforts to make producer licensing more cost-effective, streamlined and uniform for the benefit of regulators, the insurance industry and consumers," she continues.

The NIPR said it implemented 124 initiatives expanding initial producer licenses and renewals for residents and non-residents, including major and limited lines.

According to an audit report, the NIPR had total revenues of $17.9 million in 2010, down almost 2 percent, or $322,306, from the previous year.

Net assets rose 5 percent, or $1.5 million, for the year to $31.5 million.