New Jersey Enacts Producer "Quality Assurance" Law

With strong backing and support from NAIFA New Jersey, then-Governor Corzine signed into law A 1878, which requires New Jersey-licensed producers to report to the DOI disciplinary actions taken against the producer.

The new law requires producers to report actions taken by non-governmental authorities such as FINRA within 30 days of final outcome or face suspension of their license. Assemblyman Jack Conners, who drafted the bill, said the new law filled a “blind spot” in consumer protection, since existing law did not require the reporting of action taken by non-governmental authorities.

NAIFA New Jersey brought the issue to the attention of Assemblyman Conner, and was instrumental in its passage. “By supporting passage of this law, we provide protection to our clients from unethical producers and to the reputation of our profession,” commented Dennis Cuccinelli, NAIFA NJ’s government relations chair.

NAIFA Staff Contact: Gary Sanders, Vice President – Securities and State Government Relations, at (703) 770-8192.