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NYAIP Producer Application Submission System (PASS)
News
Electronic Payments and Paperless Application Submission feature for Premium Financed Private Passenger Applications
Certified Producers,
The following is an information update. The NYAIP will continue to communicate to you by email, information that we believe is of interest to our customers and information that is important to you in your business process.
The New York Automobile Insurance Plan is pleased to announce that on June 12, 2017, the Electronic Payments and Paperless Application Submission feature in PASS will be expanded to include premium financed private passenger applications. This feature provides producers with the ability to electronically send the signed application, the premium financed and non-financed deposit premium and all relevant documents to the Plan by a scan and upload or fax method, eliminating the need to mail the application.
The Premins Company is currently the only premium finance company that is registered to electronically transfer the premium financed deposit to the Plan. The electronic transfer of the premium financed deposit has been successfully piloted with several producers and "The Premins Company". Additional premium finance companies will be introduced in the fourth quarter of 2017.
How will the process work?
  • Applications must be submitted using an electronic payment (producer sweep or credit/debit card) for the non-financed deposit premium. The Premins Company will only issue electronic premium finance payment if an electronic payment is selected.
  • The Premins Company will be alerted of the financed deposit premium when the application is submitted through the paperless portal by scan and upload or by fax. The Premins Company will review the financed deposit for accuracy and once approved, they will electronically transfer the funds to the Plan. When the application is assigned, the premium financed deposit along with the non-financed deposit will be credited to the assigned carrier.
  • If paper check is selected as the payment method, producers must complete a paper finance draft and mail all documents to the NYAIP as you normally do today.
  • The Premins Company requires a copy of the MVR or a copy of the applicant’s Driver License. Therefore, a copy of the MVR retrieved through PASS/EASi should be included when the signed application is scanned and uploaded or faxed to the Plan. If a valid MVR is not retrieved, a copy of the applicant’s Driver License must be scanned and uploaded or faxed with the application
Important Reminders!
  • Producers must have a pre-registered bank account with the Plan to use the producer sweep payment option.
  • Producers who have not yet pre-registered their bank account with the Plan to use the producer sweep option may register at any time. However, producers will not be able use this method until the pre-note process is completed which can take several days. The registration form for the Electronic Funds Transfer Authorization is located on the PASS site under the "Other Services" tab in the "Producer Forms Library".
For your convenience, we have provided a link to the Electronic Payments and Paperless Application Submission for Premium Financed Applications Instructions below:
Electronic Payments and Paperless Application Submission for Premium Financed Applications Instructions