He noted the countersignature
statutes precluded Florida-licensed nonresident agents from placing property or casualty insurance coverage in the state without the participation of a resident agent, who must be paid at least 50 percent of the commission with respect to property coverages and at least 25 percent of the commission with respect to other coverages.
Specifically, he pointed out that while only a few jurisdictions still have countersignature
laws, less progress has been made on what he termed the "secondary level" of statutes that act in concert with countersignature
It is assumed submit countersignature
Municipal Treasurer for documents credit (credit agreement, promissory note, statement of submission to enforcement, declaration of exhibitors blank promissory note).
by the Head of Government is required.
As most readers are now aware, on August 13, 2001, the Security Cooperation Community implemented the use of electronic LOA countersignature
They include the refusal of certain states to recognize risk retention group coverage as evidence of financial responsibility with regard to certain liability coverages; the policy of some states to impose a surplus lines tax on risk retention groups rather than taxing them as admitted insurers (the current requirement results generally in a higher tax rate); the practice of some non-chartering states to charge high filing fees; and the need to clarify countersignature
of the Treasurer will be submitted only on the promissory note.
Under the electronic process, the coordination now happens in parallel and there is no longer a physical DSCA countersignature
on the document.
The NAIC is looking at issues such as: nonresident agent countersignature
requirements, nonelectronic delivery of documents, disparate document format requirements among states, limited premium payment options, and electronic signature acceptability.
Performance Period - The performance period for this Older Americans Act program will begin on the date of the countersignature
by the H-GAC Executive Director and will continue until September 30, 2015.