Often, agencies update their list of directors, officers, and similar leaders on their annual/biennial returns. Whether and when annual returns are due can vary based on the state and the entity’s legal structure. In some states, the entity will need to submit an amendment to its Certificate of Authority instead.
Insurance is a knowledge-intensive business. Acquiring this expertise represents a sizeable investment of time and money for both the individual and their employer. That’s why every successful insurance agency needs a robust knowledge management strategy.
As insurers and state regulators tally losses from Hurricane Ian, climate experts advise bracing for more intense storms as “traditional” weather patterns shift. To handle claims arising from such CAT events, some states contract with independent adjuster firms to supplement their own rosters. Many still rely on licensing emergency adjusters to meet consumers’ needs after disasters.
In order to place a risk with a surplus lines carrier, the retail/producing agent involved must complete a diligent effort search. There are a few exceptions to this requirement. The most common “bypass” for the diligent search requirement is the use of a state’s export list.
Businesses registering with the Secretary of State’s Office or seeking to add a “DBA” name to their insurance license and/or Certificate of Authority often express surprise when we mention newspaper publication requirements; to notify the public that an entity will transact business or use a fictitious/trade name in a particular jurisdiction.
The role of the Designated Responsible Licensed Producer is to personally guarantees the entity’s regulatory compliance for specific lines of authority. When choosing your Designated Responsible Licensed Producer, there are four important factors to keep in mind.
Insurance agencies and their producers are busy, though sometimes, being busy can lead to overlooking important deadlines, such as insurance license renewals. These are important requirements, and state insurance regulators do not take them lightly.
Insurance state regulators expect licensees to demonstrate the highest standards of professional and ethical conduct. When they fail to do so, the result is often a consent order, which must responded to promptly and correctly.
Insurance agencies with surplus lines licenses have some special compliance requirements that those handling only admitted insurance do not, such as the “zero reports” statement to state regulators.