Joyce King supervises the Marketing and New Client Services Department at Insurance Licensing Services of America (ILSA). In part 1 of this series, Joyce discussed licensing and compliance issues as they relate to different types of mergers and acquisitions. She explained what could happen if you followed standard licensing and compliance as well as what could happen if you don’t, and provided tips and strategies with regards to designated producers and state laws when they are due for renewal.
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.
In this episode, Joyce discusses the topics of budgeting, expansion, and withdrawal. She shares the critical points to remember for your compliance budget and why this is the first thing an agency should plan for every year. She also shares her advice regarding state expansion and state withdrawal and which states make it more difficult.
What you’ll learn:
- When it comes to budgeting, where should we direct our attention?
- Steps to consider when expanding to new states.
- The five states that will take the longest time to penetrate.
- The process to look forward to if you plan to withdraw from a state.
- States that will assess penalties on a daily basis if your annual return is late.
- When should you not renew policies?
- How to handle the corporate tax returns for the following year.
- You’re supposed to do your due diligence and know when those reports are due.
- There are some states which may test your patience if you want to expand into them.
- You should renew your license at least 45 days before it’s due to avoid delays and incur penalties.