Failure to comply may impact an insurance organization’s ability to do business in other jurisdictions
Insurance organizations may be asked to provide fingerprints or even pass a written exam to successfully comply with state-mandated business licensing regulations. According to the latest installment of CT Corporation’s Expert Insights podcast, failure to comply may result in fines, blocked commissions, or a cease and desist order prohibiting an insurance organization from conducting future business in other states.
Coby Ringgenberg, Senior Content Management Associate at Wolters Kluwer CT Corporation, explains that insurance companies and agencies must obtain a business license for every state in which they plan to operate. The specific requirements involved not only vary across different jurisdictions, but may also change depending on the role an insurance organization fills – agent, producer, broker or adjuster.
“Insurance organizations attempting to track a robust slate of business licensing requirements at the local, state and federal level can benefit from the assistance of trusted partner,” Ringgenberg says. “Every day, the experienced professionals at CT Corporation help clients manage their full range of their compliance obligations so that they can return their focus to other business critical tasks.”
