California insurance commissioner John Garamendi announced a new online system that will allow insurers to renew licenses and change their address of record electronically. Prior to the new service, insurers filled out paper applications, which often were prone to errors or omissions and resulted in delays for approvals. The new online service will assist the licensee in completing the renewal application accurately to ensure all required information is included.
"In any business, time equals money," says Garamendi. "This new system will result in a more timely and efficient process that will benefit both the licensees and the consumers they serve."
The new system will help applicants verify the accuracy of the application even before it is electronically sent to the CDI. The process for license renewal is simple and user-friendly. A licensee renewing online will be asked to complete the same set of questions that are listed on the traditional paper renewal application. Often, agents and brokers do not notify the CDI when they move to a new residence or business location.
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