• Skip to main content
  • Skip to header right navigation
  • Skip to site footer
Spot On Insurance

Spot On Insurance

  • Home
  • About
  • Learn
    • Agency Management
    • Cybersecurity
    • Diversity & Inclusion
    • Insurance Careers
    • Professional Development
    • Regulatory Compliance
    • Sales & Marketing
    • Surplus Lines
    • Tech & Insurtech
  • Listen
    • Spot On Insurance | Podcast Series
    • Conversations in Black & White | Podcast Series
    • Compliance DOs and DONT’s | Podcast Series
    • The COVID-19 Specials | Podcast Series
  • Webinars
Previous Episode
Next Episode
Ep. 04 Spot on Insurance
Subscribe Now
  • Share on TwitterShare on Twitter
  • Share on FacebookShare on Facebook
  • Share on LinkedInShare on LinkedIn
  • Share via EmailShare via Email

Ep. 04: Corporate Name Changes

Spot On Insurance
Regulatory Compliance
Kristy Roberts

Shownotes

Kristy Roberts is the Manager of the Licensing, Compliance, Sales, and Intake Department at Insurance Licensing Services of America. Her career at ILSA began over 10 years ago, working in the Compliance Department. Within her first year, she was promoted to supervisory roles within the company and by 2014, she was promoted to her current position.

Kristy has achieved numerous award nominations while at ILSA, including Employee of the Year, Supervisor of the Year, and Manager of the Year. She has recently received her SILA-A Designation.

This episode is brought to you by:


Insurance Licensing Services of America (ILSA), America’s premier regulatory compliance experts. To learn more visit ILSAinc.com.

Today, she joins me to share her insight on some of the common pitfalls that many insurance agencies face when changing their corporate name, how to avoid getting penalized by the Departments of Insurance, and what you need to know to stay compliant with your state’s Department of Insurance.

“It’s better to do it right than to have to do it over.”

Kristy Roberts

What you’ll learn:

  • Why changing your agency’s tax ID creates challenges within the Departments of Insurance?
  • How to identify your state’s requirements to change your agency’s name.
  • What are the costs associated with corporate name changes?
  • What is the appropriate timeframe for reporting your name change to non-resident states and are there exceptions?
  • Administrative actions and penalties for failing to notify the Departments of Insurance about your agency name.
  • Why it’s important to request producers to update your business name and address.
  • Updating registrations with Stamping offices for surplus line brokers.
  • The average turnaround time for company name approvals.

Kristy’s Tips for Corporate Name Changes:

  1. Visit your state’s Department of Insurance website.
  2. Check for Name Approval
  3. Base your name on your state’s name approval criteria

Key Takeaways:

  • Understand the state’s requirements for changing your agency’s name.
  • Report your corporate name change within a reasonable time – typically within 30-45 days.
  • Be honest about oversights and clerical errors with the Departments of Insurance.

Connect with Kristy

  • ILSAinc.com
  • kstarling@ilsainc.com
  • (254) 729-6180

Previous Post:Ep. 03: Sell With A Story
Next Post:Ep. 05: Infusing Ethics Into Your Organization

What do you want to learn today?

Get Spot On Insurance on your favorite podcast platform

Subscribe Now

Spot On Insurance

We help leaders in insurance navigate the complexities of our evolving industry.

  • Facebook
  • Twitter
  • Instagram
  • LinkedIn
  • YouTube

Learn

  • Agency Management
  • Cybersecurity
  • Diversity & Inclusion
  • Insurance Careers
  • Professional Development
  • Regulatory Compliance
  • Sales Marketing
  • Surplus Lines
  • Tech & Insurtech

Listen

  • Spot On Insurance Podcast
  • Conversations in Black & White
  • Compliance DOs and DONTs
  • The Covid-19 Specials

Copyright © 2021 ReSource Pro · Spot On Insurance · All Rights Reserved

Subscribe | SOI Podcast

Select your favorite podcast platform

Subscribe
Subscribe
Subscribe
Subscribe
Subscribe

Reasons to Subscribe to the SOI Email List:

Content tailored to you over time, I’ll get to learn more about you and deliver content that actually matters.