ELECTRONIC SURETY BOND REGULATOR USER GUIDE

Transcription

1 ELECTRONIC SURETY BOND REGULATOR USER GUIDE This guide walks you through the processes available for reviewing electronic surety bond submissions on NMLS as an agency user. Bond Review for a New License Request Bond Review for an Existing License - Bond Conversion Returned to Surety by Regulator ESB Administration - Review Item Subscription Composite: Surety Bonds Composite View: Electronic Surety Bond Coverage by License Type Bond Review for a New License Request Many methods exist for reviewing new license requests in NMLS; below are instructions specific to reviewing ONLY the electronic surety bond submission associated to a new license request. Consult your agency to learn more about the method used for reviewing NEW license requests in their entirety (i.e. Company Composite View, State Historical Filings, and Company Snapshot). 1. Log in to NMLS. 2. Click the Tasks tab. 3. Click the Work List hyperlink on the submenu. NOTE: Depending on your work list default settings and agency default assignment process (if applicable) you may need to click on the Agency Work List and Assignment hyperlink on the left navigation panel. 4. Filter the Work List: a. Select License Requested for Work List Category. b. Select Surety Bond Delivered for Review Item Category. 5. Click the Filter button to display all new license requests that contain an electronic bond submission (see Figure 1). NOTE: Ensure all other filter options are applicable to your search. For example, electronic surety bond submission is currently only applicable to Company entity types, so ensure Branch or MLO is not selected for Entity Type when clicking the Filter button. Updated: 9/15/2017 Copyright State Regulatory Registry LLC

2 Figure 1: Electric Surety Bond Review New Application 6. Click the View Work Item icon to review the new license request. 7. Scroll down to the Review Item section and click the Surety Bond Delivered hyperlink. NOTE: This opens the Manage Bond page that contains bond details and a rendering of the bond form signed by all parties. For more information on the Manage Bond page, see the Navigation Composite View section. a. Optional: To save the bond details and rendering of the bond to PDF, click the Save Bond to Pdf button at the bottom of the page. The PDF downloads to your computer and allow you to print or save the document for your records. 8. To return to the work item, click the Regulator Work Item link in the page trail provided at the top of the page, (i.e. Agency Work List & Assignment > Regulator Work Item > Manage Bond). NOTE: Refer to your existing agency processes with regard to assigning work items, marking the work or review items complete, and providing internal notes. Copyright State Regulatory Registry LLC Page 2 of 15

3 Bond Review for an Existing License - Bond Conversion NMLS supports the conversion of paper bonds associated to existing licenses to electronic surety bonds, known as Bond Conversion. Below are instructions for reviewing converted bonds submitted by licensees. 1. Log in to NMLS. 2. Click the Tasks tab. 3. Click on Work List either in the top menu bar or in the main description panel. Depending on your work list default settings and agency default assignment process (if applicable) you may need to click on the Agency Work List and Assignment in the left navigation panel to access the relevant work items. 4. Filter the Work List: a. Select Surety Bond for Work List Category. b. Select Surety Bond Converted for Review Item Category. 5. Click the Filter button to display all paper bonds that have been converted using the electronic bond submission process (see Figure 2). NOTE: Ensure all other filter options are applicable to your search. For example, electronic surety bond submission is currently only applicable to Company entity types, so ensure Branch or MLO is not selected for Entity Type when clicking the Filter button. Figure 2: Electric Surety Bond Review Bond Conversion Copyright State Regulatory Registry LLC Page 3 of 15

4 6. Click the View Work Item icon to review the converted bond associated to an existing license. 7. Scroll down to the Review Item section and click the Surety Bond Converted hyperlink. NOTE: This opens the Manage Bond page that contains bond details and a rendering of the bond form signed by all parties. For more information on the Manage Bond page, see the Navigation Composite View section. a. Optional: To save the bond details and rendering of the bond to PDF, click the Save Bond to Pdf button at the bottom of the page. The PDF downloads to your computer and allow you to print or save the document for your records. 8. To return to the work item, click the Regulator Work Item link in the page trail provided at the top of the page, (i.e. Agency Work List & Assignment > Regulator Work Item > Manage Bond). NOTE: Refer to your existing agency processes with regard to assigning work items, marking the work or review items complete, and providing internal notes. Copyright State Regulatory Registry LLC Page 4 of 15

5 Returned to Surety by Regulator Regulator account administrators and organization users with the License Status User and Manage Bonds role can return first-time delivered bonds*, original or converted, to the surety by selecting one or more return reasons and providing a note. Contact your Account Administrator to request the License Status User and Manage Bonds role. *First-time delivered bonds refer to bonds that have only been associated to a single license instance. Bonds previously associated to another approved license cannot be returned. WARNING: License status must be taken into consideration before returning a bond. Returning a bond associated to a terminated license instance is not recommended because it cannot be re-associated to the license and distorts coverage history. The Return to Surety functionality allows the surety to make corrections to the bond details and then redeliver the bond to the regulator or void the bond if desired. Returned original bonds redelivered to the regulator appear as a Surety Bond Delivered review item within the Surety Bond work item. Voiding the bond allows the surety to reuse the bond number assigned to the bond. Instances of voided bonds are captured in the Composite View Surety Bonds page. NOTE: There are only seven accepted reasons for returning a New/Original bond (see Table 1). A Converted bond should be returned if any bond detail does not match the latest paper bond or rider. Reasons to Return Bond Incorrect license type Incorrect signatory Incorrect converted bond information Incorrectly listed underwriting surety company Incorrect converted bond indicator Duplicate bond Unnecessary bond Reasons to Request Rider Bond amount Bond effective date Bond number Licensee name Table 1: Return a Bond or Request a Rider How to Return a Bond 1. Log in to NMLS. 2. Click the Tasks tab. 3. Click the Company link to search for a specific licensee. 4. Search for a company by entering information in any of the Company ID, Federal Tax ID, License Number, or Company Name fields. 5. Click the link next to the desired search result. Copyright State Regulatory Registry LLC Page 5 of 15

6 6. Click the Review Surety Bonds link in the left navigation bar. 7. Click the Review Bond button next to the desired bond (see Figure 3). Figure 3: Review Surety Bonds 8. Click the Return Bond to Surety button to return the bond. 9. On the Return Bond to Surety page, click the checkbox next to the reason why the bond is being returned. 10. Provide a note detailing the specific reason for return and provide an appropriate method to resolve in the Return to Surety Note field. This field is required. 11. Click the Return Bond to Surety button (see Figure 4). Figure 4: Return Bond to Surety 12. Manually place a license item if returning a bond places the licensee below minimum required bond coverage. NOTE: Returning a bond voids all subsequent riders associated with the bond. At the time of return, the system generates a Voided transaction for each rider effective on or after the returned bond effective date. Copyright State Regulatory Registry LLC Page 6 of 15

7 How to View a Returned Bond Snapshot Returned bonds appear on the Review Surety Bonds page in the Returned Bonds list. 1. Log in to NMLS. 2. Click the Tasks tab. 3. Click the Company link to search for a specific licensee. 4. Search for a company by entering information in any of the Company ID, Federal Tax ID, License Number, or Company Name fields. 5. Click the link next to the desired search result. 6. Click the Review Surety Bonds link in the left navigation bar. 7. Click the View Snapshot button next to the desired returned bond in the Returned Bonds list (see Figure 5). NOTE: A rendering of the returned bond appears at the bottom of the page. Click the View Detail link associated to the Returned to Surety by Regulator row in the Bond Status Transaction list to open a separate rendering of the returned bond. Delivered riders are captured in the returned bond snapshot, but pending riders are not. Figure 5: View Snapshot Copyright State Regulatory Registry LLC Page 7 of 15

8 How to View a Returned Bond in Composite View The Returned Bonds section on Composite View Surety Bonds page (see Error! Reference source not found.) contains the bonds returned by the regulator. When a returned bond is redelivered to the regulator, it moves from the Returned Bonds section to the Executed and Delivered Bonds section. Bonds voided by the surety remain in the Returned Bonds section and are marked with a Y indicator in the Voided/Cancelled column of the Returned Bond section. 1. Log in to NMLS 2. Click the Composite View tab. 3. Click the View Company link. 4. Search for a company by entering information in any of the Company ID, Federal Tax ID, License Number, or Company Name fields. 5. Click the link next to the desired search result. 6. Click the Surety Bonds link in the left navigation bar. 7. Click the View Surety Bond icon next to the desired returned bond (see Figure 6). NOTE: The Returned Bond page contains a complete snapshot of the bond and any delivered riders with effective dates before the date the bond was voided and bears a Returned to Surety watermark. Figure 6: Returned Bonds in Composite View Copyright State Regulatory Registry LLC Page 8 of 15

9 ESB Administration - Review Item Subscription To be alerted of electronic surety bond submissions in the work list, your agency s Account Administrator must first subscribe to the electronic surety bond review items. Below are instructions for Account Administrators to complete this process. 1. Log in to NMLS. 2. Click the Admin tab. 3. Click the Manage Review Item Subscriptions hyperlink on the left navigation panel. 4. Scroll down to Other Non-Filing Events within the Company Review Items section and click the checkbox beside the applicable Surety Bond Review Item types: Surety Bond Delivered review a new electronic surety bond that has been delivered to their agency. Surety Bond Converted review a converted electronic surety bond that has been delivered to their agency. Surety Revised Form Bond Delivered review an electronic surety bond that been delivered to their agency and was prompted by a bond form revision initiated by the agency. Surety Bond Rider Delivered review a surety bond rider that has been delivered to their agency. Surety Bond Notice of Cancellation review a surety bond that has been delivered to their agency and for which a notice of cancellation has been submitted by the surety company. Surety Bond Reinstated review a surety bond that has been delivered to their agency and that has been reinstated by the surety company. Surety Bond Notice of Cancellation Rescinded review a surety bond that has been delivered to their agency and for which a notice of cancellation submitted by the surety company has been rescinded. 5. To default review item assignment to a particular user at your agency, use the dropdown to select the username for each review item type as applicable. Click the Save button when changes are complete. Copyright State Regulatory Registry LLC Page 9 of 15

10 Composite View: Surety Bonds Agency users can view an electronic surety bond for a company within the Tasks and Composite View tabs and identical information is displayed in both locations. The instructions below assist a user with reviewing this information within the Composite View and provides an overview of the general information populated. 1. Log in to NMLS. 2. Click the Composite View tab. 3. Click the View Company hyperlink on the submenu. 4. Search for the desired company record. Click the hyperlinked company name and NMLS ID hyperlink. 5. Click the Surety Bonds hyperlink on the left navigation panel (see Figure 7). Figure 7: Composite View Surety Bonds The Surety Bonds page contains a list of all bonds that have been delivered to your state agency by the licensee. The list includes the Surety (or Underwriting company, i.e. alternate papers used by the surety company) on the bond, the specific license type associated to the bond, and other bond-specific details, including the bond number, bond amount, and bond effective date. The list also has a yes/no indicator to report if any riders have been issued on the bond and if they exist, the rider effective date populates. Lastly, the list provides the status of the bond. Eligible statuses are defined below: Executed the bond has been signed by all parties, surety company or surety bond producer authorized to sign on behalf of the surety company and the principle (licensee). Copyright State Regulatory Registry LLC Page 10 of 15

11 Notice of Cancellation the surety company has submitted a request to cancel the bond. This status remains until the effective date of the notice passes, at which time the status changes to Cancelled. Notice of Cancellation Rescinded the surety company has submitted a request to cancel the previously submitted Notice of Cancellation. This status remains until the effective date of the rescinded cancellation passes, at which time the status changes to Executed. Cancelled the Notice of Cancellation has processed (as of the effective date) and the bond is now Cancelled. NOTE: Cancelled bonds are eligible to be reinstated by the surety company if the cancellation effective date has past. The bond is set back to an Executed status when the reinstatement is submitted. To access the bond-specific information, click the View Bond Details icon (see Figure 8). Figure 8: Composite View Surety Bonds The Surety Bond Detail page contains five sections: Bond Specific Details includes the bond-specific information provided by the surety entity (surety company or surety bond producer, i.e., broker) during bond creation. The fields within this section vary as it is a representation of the required fields on the bond form (bond forms vary by license type and agency). This information also appears within the bond rendering. This section also contains the bond status and yes/no indicators to report if the bond is a converted bond (conversion of an existing paper bond to the electronic bond format), if the bond has been delivered to the regulator (always yes if the bond appears in your list), and if your agency permits this bond type to be cancelled. Along with the bond status, agency users can click on the View Bond Status Transactions hyperlink to expand the bond transaction history. This includes a list of all actions taken on the bond by all users (surety and licensee), the date of the action and the effective date of Copyright State Regulatory Registry LLC Page 11 of 15

12 the action (if applicable), known as the Transaction Date, any notes provided in association to the action, and a View Details link to the Transaction Details page (see Figure 9). Figure 9: Surety Bond Detail Page and View Bond Status Transactions Transaction Details contains some of the information displayed in the View Bond Status Transactions list as well as the attestation from the transaction instance. For surety entity transactions, the maximum bond amount signing authority of the authorized user (surety signer or surety bond producer representative with signing authority) is included (see Figure 10). Figure 10: Transaction Details Copyright State Regulatory Registry LLC Page 12 of 15

13 Surety Details includes the name of the surety company (or underwriting company, i.e. alternate papers used by the surety company) on the bond, a hyperlink to their composite view page and any surety specific information required by the bond (this varies by bond form). For bonds created and managed by a surety bond producer (broker), the Surety Bond Producer Association hyperlink appears within this section. The Surety Bond Producer Associations page opens in a new window or tab and is the page captured within the surety company Composite View with associated details specific to the surety bond producer on the bond (see Figure 11). Figure 11: Surety Details Surety Bond Producer Association Hyperlink Rider History includes information on all riders submitted for the bond. This section contains a Hide Rider History/View Rider History hyperlink option to customize page viewing and each rider instance contains a View Detail and PDF Preview hyperlink. The View Detail hyperlink expands the rider instance details that includes the rider status, broker (surety bond producer, if applicable), surety and licensee signatories, and the specific changes made to the bond form which includes the previous data (values) and the new data. Clicking the View Detail hyperlink also gives the user access to the View Rider Status Transactions hyperlink. Like the bond status transaction history, the Rider Status Transactions lists the history of the rider transactions taken in order to submit the rider (by all applicable users) (see Figure 12). Figure 12: Rider History View Rider Status Transactions Hyperlink Copyright State Regulatory Registry LLC Page 13 of 15

14 Bond Rendering contains a rendering of the Original Bond and includes all relevant bond information required by the bond form. This section also contains the Bond Form Version number to support the ability to enforce new bond form versions. The bond version number includes the state agency abbreviation and version activation date (see Figure 13). Figure 13: Bond Form Rendering To save the bond to a PDF document, users can click the Save Bond to Pdf button in the sandbar. The PDF prompts to be downloaded and can be saved or printed for your records. Agency users can view bond amount coverage, company licensing details, and branch licensing details to assist with determining bond requirement compliance for a specific license type. This includes pending and approved company and branch licenses including other trade name licenses and aggregate bond amounts by license type. The instructions below assist a user with reviewing this information within the Composite View and provide an overview of the general information populated. 1. Log in to NMLS. 2. Click the Composite View tab. 3. Click the View Company hyperlink on the submenu. 4. Search for the desired company record. Click the hyperlinked company name and NMLS ID hyperlink. 5. Click the Electric Surety Bond Coverage by License Type hyperlink on the left navigation panel. Copyright State Regulatory Registry LLC Page 14 of 15

15 Figure 7: Electronic Surety Bond Coverage by License Type For further assistance, please contact the Regulatory User Group (RUG) at or via at Copyright State Regulatory Registry LLC Page 15 of 15