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Ep. 34: Insurance License Types: Getting it Right! Part 2

Shownotes

In the previous episode, Stefanie Cantu explained what the Producer, Adjuster, and Surplus Lines licenses are. She discussed which license is meant for whom, some of the standard requirements, and why people should get licensed. She also talked about different scenarios involving having the wrong license as well as some of the common mistakes made by those who want to get a license.

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, Stefanie puts the spotlight on “specialized” licenses. She briefly discusses the similarities and differences between each one, the kinds of requirements involved, and their importance. She also highlights some of the hurdles that may delay or prevent the issuance of a license and why specific licenses can take months to be released.

“It might seem like a lot of money upfront to get a license issued, but in the long run it’s going to be beneficial.”

Stefanie Cantu

What you’ll learn:

  • What is a TPA, or Third Party Administrator, license?
  • Who would need a TPA?
  • What is a Managing General Agent license?
  • The general timetable for getting licensed.
  • The kinds of requirements in getting a license.
  • What is a Limited Line license and who needs it?
  • What are Risk Retention Group (RRG) and Risk Purchasing Group (RPG) licenses for?
  • The obstacles clients face when it comes to specialized licenses?
  • Her thoughts on those who hesitate on getting licensed for other states.

Key Takeaways:

  • Every state has different rules and regulations regarding TPA licensing.
  • Both MGA and TPA are not commonly offered electronically and can take weeks or even months to get them issued.
  • You can’t extrapolate requirements from one state what you’ll need in another one.

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