Insurance license renewal and initiation is an important process for insurers to consider. Each state has different processes and necessities that must be fulfilled in order for the renewal process to become satisfied. Understanding these requirements and complying with them is crucial. Here are a few things to keep in mind regarding insurance licensing:
1. Understand the Requirements for Each State
When initiating a license in a particular state, there may be different requirements for each state. For example, Georgia requires a citizenship affidavit and Florida requires finger prints. It is important to understand these issues and take note of them to order licenses correctly.
2. Follow Changes In Laws and Regulations
These are constantly changing in every state. If you are not properly informed of these changes you may fall out of compliance. For example, Massachusetts recently changed continuing education requirements to include three credits of ethics as well as changing the CE deadline to the producer’s license renewal date (see here).
3. Take Note of Renewal Dates
It is crucial to take note of when these dates are upcoming so your licenses do not become out of compliance. When you forget to renew a given license, fees and penalties can follow along with them. Selling policies while improperly licensed not only can result in penalties, but also result in suspension as well as adversely affecting your reputation.
The insurance license process can be hard for businesses to manage with so many other priorities needing attention. The National License Compliance Group (NLC Group) can take care of these critical tasks for you and ensure you will never become out of compliance. With our specialized services offering email alert notifications and management dashboards to display license and appointment information, the license management process can be a breeze.