Resident License for an Agency
Securing a License for an Agency
Pennsylvania
General requirements / How to get a license
All business entities must (in the following order):
- obtain name approval from the Insurance Department,
- register with the PA Department of State, and
- apply to the Insurance Department for a license online (preferred) or by completing a paper form (Resident).
Designated Licensee
Each business entity must designate someone to be responsible for the entity’s compliance with the insurance laws and regulations of the Commonwealth. The individual or individuals designated as the “Designated Licensee” under the act must be licensed for the same lines of authority (LOA) as those requested for the business entity.
To designate the individual(s), simply list their name(s) in the appropriate section of the application. More than one individual can be designated if needed (this is sometimes the case to make sure that all LOAs are represented). Please note that an individual who is not licensed cannot be listed as a designated licensee.
Fictitious Name ("trading as" / "doing business as")
The legal name of your business is the name of the person or entity that owns the business. For example, if you are registered as a sole proprietor, the legal name of your business may be your full name and if you are registered as a partnership, the legal name is the name given in your partnership agreement etc.
However, if you want your agency to be known by a different name, then you must file a “fictitious name” registration form with your the PA Insurance Department and the PA Department of State. A fictitious name is also known as an assumed name, trading as name (T/A), or doing business as name (DBA) since it is a business name different than the officially registered name of your corporation.
Fictitious names must be registered with both the Department of State and the Insurance Department prior to use.
- When the fictitious name is filed at the same time as the license application, it can be done online (preferred) or through the BPL-02 application form.
- When the fictitious name is added to an existing (licensed) insurance agency, you must (in the following order):
- request the name approval with the Insurance Department,
- once you have confirmation from the Insurance Department that the name is acceptable, you must register the fictitious name with the Department of State (access form DSCB: 54-311 here). You must attach the Insurance Department’s approval letter to your registration application.
- once you have confirmation from the Department of State that the fictitious name was registered, register the fictitious name with the Insurance Department. To do so, go here and click on “Fictitious Name/Trading As Name Form.” Fill out the form and send it back to the Insurance Department, along with a $25 check. It is recommended that you ask the Department to acknowledge receipt of the fictitious name filed, since no confirmation will be sent back to the agency, and since fictitious names do not appear on the license. If your request fell through the cracks, you would have no way of proving that you did register your name in compliance with the law.
Maryland
General requirements
- A business entity selling insurance (corporation, professional association, partnership, LLC, and limited liability partnership) must apply for its own license.
- The business must also identify a designated producer and provide a list of persons having control over its fiscal management, owners, managers, directors.
- Additionally, corporations and LLCs must register with the Maryland Department of Assessments and Taxation. This should be done prior to applying for the license.
How to get a license?
You can apply by going to either:
- The National Insurance Producer Registry (NIPR) https://nipr.com/licensing-center/apply
- Maryland Insurance Administration https://insurance.maryland.gov/Producer/Pages/Fees-and-Forms.aspx
What is a designated producer?
- This is someone from your agency that you designate to be responsible for the firm’s compliance with the insurance laws and regulations of the State.
- He or she will act as the firm’s principal contact with the MIA.
- That person will be responsible for notifications to the Insurance Administration, maintaining a list of locations where the records are kept, and generally cooperating with the Administration in any investigation.
- The individual or individuals designated must be licensed for all the lines of authority requested for the firm.
Fictitious Name ("trading as" / "doing business as")
The legal name of your business is the name of the person or entity that owns the business. For example, if you are registered as a sole proprietor, the legal name of your business may be your full name and if you are registered as a partnership, the legal name is the name given in your partnership agreement etc.
However, if you want your agency to be known by a different name, then you must file a “fictitious name” registration form with your the Maryland Insurance Administration (MIA) and the Maryland Department of Assessments and Taxation (DAT). A fictitious name is also known as an assumed name, trading as name (T/A), or doing business as name (DBA) since it is a business name different than the officially registered name of your corporation.
Trade names must be registered with both the Department of Assessments and Taxation and the MIA prior to use.
- When the fictitious name is added to an existing (licensed) insurance agency, you must (in the following order):
- 1. You must register the trade name with the Department of Assessments and Taxation https://egov.maryland.gov/BusinessExpress/Account/LogOn?ReturnUrl=%2fBusinessExpress%2fUBD%2fCreate#/
- 2. Once you have confirmation from the Department of Assessments and Taxation that the trade name was registered, you must also register that name with the MIA. To do so, access the Fees and Forms https://insurance.maryland.gov/Producer/Pages/Fees-and-Forms.aspx and select “Producer License Service Request Form.” Fill out the form and send it back to the MIA.
- 3. Even after you register, the trade name(s) will not be displayed on the business entity license. However, you can verify that your trade name was properly added to your agency by using the Licensee Look-up https://sbs.naic.org/solar-external-lookup/ The results show a “DBA Name” column. If a trade name is on record in the database, it will be displayed there.
Notes: Maryland’s producer licensing law requires that you advise the MIA of each trade name under which you wish to conduct business, and that you notify the MIA of any change of name within 30 days of the change.
If you hold non-resident licenses, keep in mind that you may have to repeat the same procedure with each of these non-resident states, based on their individual requirements:
- Contact each non-resident state’s Department of State to check if they require the trade name to be filed and how,
- Contact the insurance regulator and verify the process to register your trade name (The National Insurance Producer Registry –NIPR– does not provide the ability to file the trade name with the different states simultaneously).
Delaware
General requirements
- A business entity selling insurance (corporation, association, partnership, LLC, and limited liability partnership or other legal entity) must apply for its own license.
- The business must also identify a designated producer.
- Additionally, corporations and LLCs must register with the Delaware Division of Corporations. This should be done prior to applying for the license.
- Individual producers working for the agency must be appointed by the company. The DOI only requires individuals to be appointed, not entities. The insurer must appoint the producer within 15 days of execution of the agency contract or of submission of the first insurance application
What is a designated producer?
- This is someone from your agency that you designate to be responsible for the firm’s compliance with the insurance laws and regulations of the State.
- He or she will act as the firm’s principal contact with the Delaware Department of Insurance (DOI).
- That person will be responsible for notifications to the DOI, maintaining a list of locations where the records are kept, and generally cooperating with the DOI in any investigation.
- The individual or individuals designated must be licensed for all the lines of authority held by the agency.
How to get a license
All applications (for both individual and business entity licenses) must now be completed online through the National Insurance Producer Registry portal.
Before approving the application, the DOI will verify that:
- The business entity has paid the $75 fee (required by Title 18 Del. Code, Chapter 7); and
- The business entity has identified a designated producer.
Fictitious Name
The legal name of your business is the name of the person or entity that owns the business. For example, if you are registered as a sole proprietor, the legal name of your business may be your full name, and if you are registered as a partnership, the legal name is the name given in your partnership agreement, etc.
However, if you want your agency to be known by a different name, then you must file a “fictitious name” registration form with your the DOI and the relevant county’s Prothonotary’s Office. A fictitious name is also known as an assumed name, trading-as name (T/A), or doing-business-as name (DBA) since it is a business name different from the officially registered name of your corporation.
650 Wilson Lane, Suite 200
Mechanicsburg, PA 17055
Mechanicsburg, PA 17055
191 Main Street
Annapolis, MD 21401
Annapolis, MD 21401
Copyright 2022 Insurance Agents & Brokers. All rights reserved. Privacy Policy | Disclaimer