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Wednesday, November 12, 2014

When is an insurance producer (agent) license required?

By ABIA Outside Counsel:  Chrys D. Lemon, McIntyre & Lemon, PLLC
When is an insurance producer (agent) license required?
In the context of banks selling insurance, nonlicensed bank employees need to know what activities require licensure. Generally speaking, a producer license is required to solicit, negotiate or sell insurance. While state laws differ on the exact meaning of these terms, the National Association of Insurance Commissioners, in its Producer Licensing Handbook, provides some guidance on their meaning and what activities do or do not require a license:

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The article linked to in this post is provided for informational purposes only by ABIA’s outside counsel and is not intended to be legal guidance. Readers should consult with legal counsel before taking any action on issues addressed in this article.