There are many ways for an Insurance Agency to run afoul of the Dept. of Insurance. The following is a list of common licensing issues that will result in administrative actions from a Department of Insurance.
- Misrepresentation on a license application (such as answering NO to question on license application regarding prior administrative actions when there have been issues in the past)
- Placing or Renewing Policies while unlicensed
- Failure to report address changes in a timely manner
- Failure to file Surplus Lines Tax Payments
- Not responding promptly to written requests for information from the Dept. of Insurance
- Failure to disclose administrative action within appropriate time frame
These administrative actions can result in fines and/or revocation of license. The failure to disclose administrative actions in a timely manner is particularly difficult. If the agency or producer has insurance licenses in multiple states, this could trigger administrative actions in each state not informed. This could be very expensive, time consuming, and could require legal firm representation.
How do you avoid this type of administrative hot water? Engaging a company that is solely focused on license management like National License Compliance Group (NLC Group) will provide you the expertise to better manage your licenses, avoid administrative issues, and provide you with risk management peace of mind.
Contact National License Compliance Group today 866-285-4209 to see how we can help you achieve worry free insurance license management. InsuranceLicensingServices.com
