The board of the National Insurance Producer Registry (NIPR) has voted to cut the fee for nonresident insurance licenses by 15%, the third cut this year. The reduction will bring the transaction fee to $6.18 as of July 1, 2008 and save the industry approximately $300,000 annually.

“We are aggressively working to create a one-stop-shopping solution for the insurance industry," said NIPR Executive Director Maryellen Waggoner.

The NIPR is a nonprofit affiliate of the National Association of Insurance Commissioners that manages electronic databases and communication networks for state insurance regulators and those they regulate. NIPR is governed by a board of directors including seven members from the NAIC and six industry representatives.

December 11, 2007