In myCOI, each status reflects the current state of your compliance documentation and outlines any necessary actions required from you as an insurance agent. Here’s an overview of each status and its implications for you:
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Open Requests
What It Means: There are outstanding requests that require your attention. This may include missing documentation or information needed for compliance.
Action Needed: Review the open requests and provide the necessary information or documents to move the compliance process forward.
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New Certificate Request
What It Means: A new certificate of insurance has been requested from you. This typically occurs when there are updates to coverage or new requirements established.
Action Needed: Please submit the requested certificate to ensure compliance with current documentation standards.
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Non-Compliant Request
What It Means: The submitted certificate does not meet compliance standards, and specific issues have been identified that need addressing.
Action Needed: Review the non-compliance notice, address the identified issues, and resubmit the corrected documentation.
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Renewal Certificate Request
What It Means: A request has been made for an updated certificate of insurance as part of the renewal process. This is usually sent 30 days before the expiration of the current certificate.
Action Needed: Submit the renewal certificate as soon as possible to maintain compliance.
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Policy Confirmation Needed
What It Means: This status indicates that we need to verify that all current policies are still active and have not been canceled.
Action Needed: Provide confirmation that the coverage remains valid and active.
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Pending Review
What It Means: Your submitted documentation is currently under review. This means that the compliance team is evaluating the provided information for adherence to standards.
Action Needed: No immediate action is required from you at this stage. You will be notified once the review is complete.
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Compliant
What It Means: All certificates and endorsements on file meet compliance requirements.
Action Needed: No action is needed. This status will remain until a renewal or an updated document is requested.
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Expired Registration
What It Means: This status indicates that the insured’s registration has expired, and no further action can be taken until the annual registration fee is paid.
Action Needed: The insured should submit their registration fee payment to restore compliance status.
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Inactive Requests
What It Means: This status means that the assignment has been inactivated in our system, and no further action is needed.
Action Needed: No action is required on your part.
By understanding these statuses, you can effectively manage compliance documentation and ensure a smooth process for your insured clients. If you have any questions or need assistance, please reach out to our support team.
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