Insurance Agency/Broker Licensing
The insurance industry is comprised of many different products and roles. An Insurance Agency License is generally required for any business selling insurance, but the license type and application process may vary depending on the lines of insurance products sold. LicenseLogix will address the specific needs of your business to ensure you are informed about which license type(s) you need and how to obtain the license. We streamline the process so that you can focus on your business and feel confident that are you in full compliance.
Insurance Agencies must obtain a business license in every state in which they plan to operate. Separate licenses may be required, depending on the types of insurance being sold. Lines of authority include, but are not limited to, life, health, property and casualty, travel, and title. The process of obtaining an agency license generally includes an application, supporting documentation, and a fee. Renewals are also required annually, biennially, or triennially.
Ramifications of Non-Compliance
Common penalties for noncompliance include blocked commissions and large fines, ranging from a couple hundred to a couple hundred thousand dollars. A state may also suspend or revoke a future insurance license. Some states will issue an order of Cease and Desist from engaging in the business of insurance in that state. States may also have the unlicensed insurance agency pay all valid unpaid claims of their customers.
How we help your business:
- We will save you time because our licensing specialists are well-versed in all state insurance license types, requirements, and applications.
- Our flat rate service fee will save you money by taking a time-consuming task off of your desk for a fraction of what it would cost elsewhere.
- We will ensure that your application is filed correctly and that you are operating in compliance with the law.
More Resources:- Map of NAIC States & Jurisdictions
- Securities & Insurance Licensing Association
CHOOSE A STATE BELOW FOR SPECIFIC BUSINESS LICENSING INFORMATION:
AL AK AR AZ CA CO CT DC DE FL GA HI IA ID IL IN KS KY LA MA MD ME MI MN MO MS
MT NC ND NE NH NJ NM NV NY OH OK OR PA RI SC SD TN TX UT VA VT WA WI WV WY