Agency licenses vs. individual licenses

[Neil Lambert]

I run an insurance agency that operates in the lower 48 US states. In hiring new producers, the agency owner and I have differing opinions about licensing new agents in all jurisdictions, I say they need individual licenses for each, he says the agency license will cover them, they only need their resident license.

Can someone point me to a definitive answer?

 

[DHK]

Ask the licensing departments of the companies you write for.

 

[Markthebroker]

I would side with your business partner on this one, but DHK offered you some great advice.

 

[fed up]

We had a situation like this a few years back where the agency license was being used by the producers under the drop downs. The agency paid a pretty penny for the E&O that went south because the producer was not licensed in the state where the policy was bound. the producer did not know the finer details of the state but the error came back to haunt the agent who owned the agency. Be careful!

 

[marindependent]

most interesting