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FOR IMMEDIATE RELEASE NIPR
ANNOUNCES MAJOR PRICE REDUCTIONS SAN FRANCISCO (June 1, 2007) - The National Insurance Producer Registry (NIPR) is set to become an even more affordable way for producers, agencies and companies to process their licensing requirements. The NIPR Board of Directors voted during its meeting today at the National Association of Insurance Commissioners (NAIC) Summer National Meeting in San Francisco to approve a price reduction for its highest volume products – Appointments, Terminations and Producer Database look–ups. The board approved a five cent reduction on these transactions, which will take effect Jan. 1, 2008. The last time NIPR reduced the prices of these products was in July 2004. NIPR recently announced two other significant price reductions. Beginning July 1, the transaction fee for non–resident licensing applications will be reduced by 15 percent. NIPR will also begin absorbing the credit card fee for state licensing charges on both resident and non–resident licenses. The total annual savings to the industry for all of the price reductions is approximately $2.5 million.
About NIPR Incorporated in October 1996, the National Insurance Producer Registry (NIPR) is a non-profit affiliate of the National Association of Insurance Commissioners (NAIC). NIPR developed and implemented the Producer Database (PDB) and Electronic Appointments/Terminations (formerly PIN). NIPR is governed by a board of directors structured to include seven members representing the NAIC and six industry members representing a cross section of the insurance industry. For more information, visit NIPR on the Web at: http://www.NIPR.com.
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