Changing from Individual License to Agency

[TNT]

Anyone have experience from changing insurance license from individual to agency? I assume I will need new agent numbers as well for all of my carriers? How much of a pain is this?

 

[Todd King]

Anyone have experience from changing insurance license from individual to agency? I assume I will need new agent numbers as well for all of my carriers? How much of a pain is this?

If you start a corp with you as the Principle, you will certainly have to submit all new contracting. I would think that many of the companies will let you retain your existing writing number, but they will also give you a new number for your corp. There probably will be a company or two that gives you two new writing numbers.

 

[precipiceam]

I live in MI and I have the same questions.

 

[Agentguy5]

In Florida, you simply incorporate and then apply the Corporation to the Florida Department Of Financial Services to get a License number. You then apply to the carriers and put your personal agent number under the corp. Make sure all your commissions go to the Corp for tax purposes and yer good to go!

The carriers will all do things a little differently but the results should be the same, at least for Life Insurance!

I am betting it's the same pretty much everywhere.