Joyce King is the Quality Assurance Administrator at Insurance Licensing Services of America (ILSA) where she provides education and consultation services to the company’s clients in matters ranging from licensing and affiliation to filing and reporting for surplus lines licensees across the United States. She has over 10 years of experience in the areas of insurance licensing and compliance.
Joyce joins us on today’s episode to discuss the various things insurance agency owners need to be aware of regarding licensing and compliance while creating their yearly budgets. She explains why creating systems to keep track of your license renewal due dates, state fees, and Continuing Education due dates are critical to prevent penalties with the states you want to conduct business in and why agency owners should keep copies of their licenses.
What you’ll learn:
- What to consider regarding compliance while creating a yearly budget.
- Steps to take when expanding into new states and offering new insurance products.
- The 5 states that take the longest for agency owners to expand into.
- The process of withdrawing your license from a state and the importance of surrendering it appropriately.
- The importance of tracking license renewal due dates, state fees, and Continuing Education due dates.
- Consequences associated with waiting to complete your Continuing Education courses.
- What to do with license copies and why you need them.
- How business registrations can impact an insurance agency’s expansion plans.
- How to handle corporate tax returns after expanding into a new state.
- Fees associated with filing minimum reports in various states.
- Use a spreadsheet or other tracking system to keep track of when your licenses are due for renewal.
- Don’t wait until the last minute to take your CE’s. Take them well before the due date to prevent consequences such as late reporting and licensing expiration.
- The main reason you need copies of your licenses with the new expiration dates is to give it to your carriers.