New Insurance Platforms Arguably Require Producer Licenses

By Zachary Lerner (October 17, 2017, 4:10 PM EDT) -- Last week, Michael Consedine, CEO of the National Association of Insurance Commissioners, questioned through social media the practices of Lemonade Insurance Company's peer-to-peer service. In particular, Consedine, through Twitter, expressed concerns that Lemonade's partners receive income from insurance sales that could be deemed "commission" and arguably require a producer license. Lemonade, through its application program, allows third parties to integrate Lemonade's platform into their products for access by potential insureds.

While it remains to be seen how the various states will treat Lemonade's program (Lemonade currently operates in New York, California, Texas, Illinois, New Jersey and Rhode Island), Lemonade's business model...

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