UPDATED SUPERVISION OF SALESPERSON RULES
December 15, 2021
A proposal from MAR to change supervision rules was adopted by the Board of Realty Regulation. The rule change goes into effect January 1, 2022 and better defines supervision requirements and institutes a two-tier system – a basic level of supervision for experienced salespersons and a higher level of supervision for newer salespersons. This is another member-driven step towards greater professionalism and accountability within our industry.
MONTANA ERRORS & OMMISSIONS INSURANCE GROUP PROGRAM
Effective November 1, 2020, all Montana licensed real estate brokers and salespersons are required to maintain continuous professional liability insurance coverage, commonly known as errors and omissions insurance.
Licensees on inactive status are NOT required to maintain errors and omissions insurance coverage.
Commercial general liability insurance is NOT required by Montana law.
The errors and omissions insurance state group program is now open for enrollment.
CLICK HERE to enroll.
To enroll, scroll down to select the State (Montana) from the drop down list, then enter your email to see if an account already exists (it is not necessary to create an account but the licensee’s email is needed to complete the transaction and receive a certificate of coverage, copy of policy, and any applicable endorsements). If you do not have an account, it will say “ That email appears to be new.” If you log in, your historical data will be stored and you can go back and pull up copies of certificates and forms at any time. If you do not log in, you will not be able to obtain your historical data without contacting RISC for copies.
You can find complete policy and enrollment information for the group program here.
Licensees may obtain errors and omissions insurance coverage from sources outside of the state group program, such as through a policy issued to the licensee or through a policy held by the firm with which the licensee is associated. Coverage must comply with state minimum requirements found here.
If you are unsure if your current coverage meets the minimum standards, please consult your insurance provider.
For questions about this requirement, please contact the Board of Realty Regulation at (406) 444-6880 or DLIBSDRRE@MT.GOV.