Agent for 10yrs, now a BK. Will I lose my appointments?

[Marco P]

I've been licensed for insurance and securities for 10 years. Started with a career agency then went independent. Currently sell mainly life and health, but also have a small book of investment business too.

I was sick for close to a year and had almost no income. (At the time I was selling mainly life insurance and lived from commission to commission).

Until now I've had spotless credit, but due to my extended illness and lack of income, I will be filling either ch 13 or ch 7.

Does anyone know if I will lose my appointments with carriers like Blue Cross, Blue Shield, AIG, Genworth, Banner, etc.?

How about the securities license and my E&O?

Thanks for your help.

 

[somarco]

I have never heard of a carrier canceling an appointment for a BK. Securities license, maybe.

If you are looking for financing on commissions it will affect that.

Also, can't speak for your state, but GA asks if you have filed BK since your last renewal (ins license). Can't say I have heard of anyone denied a renewal for a BK.

 

[LGilmore]

You have to notify your BD of what happened.

Who is your BD? (I'm looking around, you can pm me.)

On the insurance side, you may be fine.

 

[TheSalesWolf]

Insurance side Life and Health you will have no problems.
E and O will not be a problem either.

Other than that I'm not sure.

 

[Marco P]

Who is your BD? (I'm looking around, you can pm me.)

Broker is LFSC.

Thanks for the replies! I'm stressing hard about this.

 

[Paradigm]

Broker is LFSC.

Thanks for the replies! I'm stressing hard about this.

With Securities you have to disclose information because they ask. With your current appointments for non securities they will never ask. However new appointments will ask and you have to disclose that to them.

 

[The Rabbi]

There's no reason for them to even know. They aren't involved.

 

[Paradigm]

When you renew your insurance license your state DOI may ask

 

[Newby]

If AIG gives you any problem I think that would be ironic.

 

[moonlightandmargaritas]

There's no reason for them to even know. They aren't involved.

They are if you are registered to sell securities. It has to go on your U-4.