Pearl River, N.Y. – ACORD has released the first three of its standardized producer appointment forms.
Property/casualty carriers will send the appointment forms to producers who they seek to appoint with state departments of insurance. The forms are the result of a cooperative effort by carriers, producers and solution providers within the ACORD Producer Appointment Working Group.
"The release of these first three producer appointment forms shows how much we can accomplish when we work together, across the industry, to solve issues that affect us all," says Robert Hamburger, vice president of agency services for the Chubb Group of Insurance Companies and co-chair of the Working Group.
ACORD says both carriers and producers will see benefits from the new forms. Producers will no longer have to deal with the multitude of carrier-specific appointment forms, all asking for similar information in different formats and with inconsistent verbiage. Carriers can expect to speed up the appointment process as producers become familiar with the ACORD forms, making it easier and more efficient.
"Standardizing the appointment forms will help to bring increased efficiencies to this historically cumbersome process. Once these forms are widely implemented, we will be able to use them for multiple carriers," says Diana Ivey, senior vice president of Marsh's Global Compliance Group.
The new approved forms are: 817 - Producer Appointment Form, Appointment Section; 818 - Producer Appointment Form, Background Questions and 819 - Additional Appointment Or Termination.
To help industry members better understand the forms, a FAQ has been released by ACORD. It's available at www.acord.org/webfiles/standards/appointment_faq.pdf.
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