Change in Submission of Payment for Renewal/Continuation of License

Last Updated: February 8, 2019 Date: February 8, 2019 To: Companies licensed in Wisconsin as Property Service Contract Providers, Warranty Plans, Vehicle Protection Products, Life Settlement Providers, or Motor Clubs From: Mark V. Afable, Commissioner of Insurance Subject: Change in Submission of Payment for Renewal/Continuation of License Bulletin20190208OptIns_FINAL.pdf The Office of the Commissioner of Insurance (OCI) has implemented OPT ins for companies licensed as Property Service Contract Providers, Warranty Plans, Vehicle Protection Products, Life Settlement Providers, and Motor Clubs to pay their renewal/continuation of license fees. OPT ins is a product of the National Association of Insurance Commissioners (NAIC) and has been developed to facilitate the submission of payments. What does this mean for you? OPT ins will make filing easier. You will no longer need to send a paper check with your renewal. What are the next steps? If you already have an OPT ins account, OPT ins will be available to pay your Wisconsin company renewal beginning March 1, 2019. As in years past, company renewals are paid annually and are due: March 31: Property Service Contract Providers and Warranty Plans April 30: Vehicle Protection Products July 1: Life Settlement Providers and Motor Clubs You will log into OPT ins and go through the three-step filing wizard. No forms are needed. Payment is completed in step three and a $10.00 NAIC transaction fee will be included with the renewal amount to Wisconsin. We ask that you continue to mail to OCI any required paper filings and documentation. If you do not have an OPT ins account, the steps to implement an account and submit your continuation/renewal fee are very simple. Go to www.optins.org and click on "New Users: Get Started" on the right-hand side. There you will find the implementation paperwork and easy-to-follow instructions. A new account takes 7‒10 business days, so it's important to register early. Contact the OPT ins Marketing Team at optinsmktg@naic.org or call (816) 783-8787 if you have questions regarding the implementation process. For questions regarding filing the renewal/continuation paperwork, contact Mary Sue Gilardi of the Office of the Commissioner of Insurance at ocifinancial@wisconsin.gov .