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Insurance commission eyes licensing of brokers, agents
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Posted on Feb 22 2001
The CNMI Department of Commerce is currently reviewing a model legislation that will require brokers, agents and insurance providers to secure professional license.
The move will develop a comprehensive insurance industry which will benefit not only private sector but the consumers as well, Insurance Commissioner Frank Villanueva said.
The Office of the Insurance Commissioner under the auspices of the commerce department is empowered with the regulation of the insurance industry which administers and enforces provisions of the law, promulgates rules and regulations necessary to enhance the efficiency and productivity of the insurance sector.
Mr. Villanueva explained the model legislation will require insurance sales agents and providers to be professionally licensed. In fact, OIC is eyeing possible assistance from the Northern Marianas College and the Northern Marianas Insurance Association.
NMC, NMIA and the OIC will exhaust all possible efforts to coordinate a continuing education program for the local insurance industry.
He said the future success of the insurance industry will largely depend on the vision and skills of management as major players look beyond the traditional business as usual approach.
“Insurers who recognize and respond to potential, created by dynamic developments will emerge as the industry leaders of tomorrow,” the insurance commissioner stressed.
Mr. Villanueva cited the continuing efforts of members of the insurance industry like Century Insurance Co., Ltd., which recently became the only ISO 9002 certified insurance company in the region.
“Their attaining ISO 9002 quality certification, is a significant accomplishment of the people of CIC, the company recognizes that in order to achieve customer confidence and quality of service, it must strive and commit to the development and refinement of its products and services,” Mr. Villanueva said.
In addition, he acknowledge the readiness of CIC to be the leader in designing, providing, and delivering quality standards in the insurance industry as competition gets more competitive.
