RE: 2012 Certificate of Insurance Legislation Memo
The IIA of Wisconsin has been lobbying and working on solidifying state law regarding certificates of insurance requirements for many years. We are pleased to inform our membership that we have made significant progress during this past legislative session.
On April 12th legislation changes will go into affect that reduce the exposure for insurance agents who have often times been asked to provide fraudulent certificates of insurance or risk losing these accounts to other agencies who are willing to do so. The new law makes explicit the prohibition on issuing misleading certificates of insurance.
This is a big win for agents and our membership, but we still need OCI to do their part. The Office of the Commissioner has indicated they plan to issue a new bulletin on the subject to insurers, agents and interested parties. Thereby clarifying this issue even further and hopefully reducing exposure for insureds and agents.
IIAW Legal Counsel, Josh Johanningmeier, has prepared the following memo explaining the law changes in more detail. Please click the link below to learn more.
2012 Certificate Legislation Memo