The National Insurance Producer Registry (NIPR) wants to do more to help insurance agencies and insurance brokerage firms.
The agent and broker license recordkeeping company says it’s adding a contact information update service aimed at agencies, brokers and other “business entities.”
If an agency or insurance brokerage firm moves or makes other contact information changes, it can send the new contract information to state regulators.
The service can eliminate the need for an agency or broker to send contact information updates to multiple states, according to Karen Stakem-Hornig, NIPR’s CEO.
NIPR already provides “Contact Change Request” services, or CCR services, for individual agents and brokers.
The new CCR expansion is now available in Arizona, Nebraska, North Carolina, North Dakota and Rhode Island.
“NIPR plans a phased rollout for future states,” according to NIPR.
The National Association Insurance Commissioners created NIPR in 1996, in an effort to improve the process for licensing insurance agents and brokers.
NIPR stores insurance producer licensing information for all 50 states, the District of Columbia and fourth U.S. territories.
Like the NAIC, NIPR is a nonprofit organization with headquarters in Kansas City, Missouri.
NIPR reported an $11 million net increase in assets for 2020 on $48 million in revenue, compared with an $11 million net increase in assets on $45 million in revenue for 2019.
Credentialing and report transaction volume increased 5.2% in 2020, to 38 million.
The number of producer records in the NIPR database increased 4%, to 7.7 million.