Tag Archives: license compliance

Insurance License Renewal Expiration

What You Need to Initiate or Renew Your Insurance License

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

Insurance License Renewal Requirements for FloridaWhen 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

Insurance License Renewal Laws and RegulationsThese 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

Insurance License Renewal DatesIt 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.


Call Us at (866) 285-4209 to Learn More

5 Steps to Achieve Risk Mitigation

Risk Mitigation is something that all companies should keep in mind. Risk mitigation is implementing options for your business to generate more opportunities and reduce the amount of possible threats that could be inflicted on your company.

This is also important when it comes to insurance licensing. When dealing with licensing, it is always important to make sure you have the necessary steps in place to ensure your licenses do not go out of compliance. Here are 5 ways to achieve risk mitigation:

1. Identify the Risk

Once a particular risk is identified, you can take the necessary precautions to plan around them and protect your business.


2. Dodge It

You can make the necessary adjustments to avoid getting hit with these risks. Whether it be adjustments to your budget, timing, or lack of knowledge, you can make the necessary changes to ensure your risks are being managed.


3. Plan Ahead

Make sure you are tracking these risks to lessen the possible toll that can be taken or completely avoid it.


4. Delegation

Don’t think you can handle the situation? Delegate the task to someone else in your company or outsource it to a third party to ensure you are covered and not at risk.


5. Track It

Keep track of the risk to make sure it does not slip away from you, hitting your company unexpectedly.

These steps can ensure that you will be prepared for a risk targeting your company. Here at the National License Compliance Group, we take these necessary steps for all of our clients to ensure licenses never fall out of compliance; that our clients are informed of every change in license regulations; and that proactive steps are in place to manage risks.


Please contact us at 866-285-4209 for a free consultation today!