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Statutory Law Requirements of Being a New Jersey Auto Insurance Provider

It is vital to get a licensed auto insurer in order to have a legit and valid policy that will not get you on the wrong side of the law in addition to losing a handsome amount of money being paid as premiums to a phony company. All agent and companies dealing in New Jersey auto insurance are required to be registered and to continually take educational courses to make sure they are up to date with the latest statutory laws and requirements. This helps improve their efficiency to reducing conflicts with their client.

NewJerseyAutoInsuranceIf you are looking to be an insurer in the state of New Jersey, you have to be diligent in your quest by making it an effort to do extensive research to make it in the industry. The first thing you have to do is to ensure you get proper licensure from the state. It does not matter whether you are licensed by another state – fulfilling the requirements of New Jersey auto insurance is mandatory. However, you may be looking into getting a resident insurance producer license i.e. as a resident of the state of New Jersey. In this case you have to fulfil the statutory examination and educational requirements.

You also have to meet the requirements the New Jersey auto insurance agents’ and companies’ requirements to be eligible. They include stipulated classroom hours e.g. a minimum of 20 hours in the auto insurance field.

You will have to take state prepared exams in the field of auto insurance that will include exams in the fields of casualty insurance and property insurance. This makes sure that you are well versed with the laws specific to New Jersey and to prove your proficiency in matters concerning auto insurance if ever you pass.

After passing your exams, you may go ahead and apply for license for an initial individual producer. However, this is not a full license but only an initial license pending your fulfilment of the continual educational requirements. There are 24 credits to be fulfilled over a period of two years in relation to your education requirements. What these educational requirements mainly entail are industry matters such as ethics in the insurance industry, New Jersey Auto insurance laws and financial matters in the insurance industry. All your educational requirements can be fulfilled in the same educational facility you started with.

You will be more educated and informed to take such stringent measures to avert any future conflict with the law when you get your firm up and running. To get informative research, enter your zip code in the slot provided at the start of the page and get started.