rse123
New Member
Hello-
I have worked as a Finance Analyst for various insurance companies for over 10 years. I have an MBA in Finance and ChFC designation. I also have an excellent current income and credit score. I have not yet left my W2 job but am seriously considering starting my own independent health and life insurance agency.
I just obtained my Texas state license today (8/11/2015) after disclosing 3 Misdemeanor convictions and 2 Misdemeanor deferred adjudications from the 1990s. None of the offenses involved fraud or dishonesty nor do they have any bearing on my current ability to perform in any capacity. They are not offenses for which a license may be denied according to the Texas Insurance Code, Texas Administrative Code, or 18 U.S.C. 1033. The disclosure process for my license was exhausting and included providing original certified copies of every court document, explaining the circumstances leading up to each event, indicating my age at the time of each event (17-24 years old), and providing letters of recommendation from persons aware of my criminal past.
As an independent agent, I will now have to work with various FMOs to contract with 20-50 different carriers to be competitive. From what I have gathered, each carrier has their own application for appointments, most of which require extensive criminal background disclosure and documentation. I am extremely concerned about the administrative burden and risk of not getting contracted due to my past. My questions follow:
• When applying with each carrier, will I need to disclose all records requested on each application even though I have already passed the TDI background check and obtained my state license?
• If you have your state license, isn’t it basically a given that you will be able to get appointed with any carrier? Will I be denied carrier appointments due to my background? How much of a delay and administrative burden will the background issues create?
• How does the appointment process work when contracting through FMOs- do you fill out one application for the FMO and they do the rest of the work for you?
• How many carriers will I need to contract with to be optimally competitive and possibly expand my practice into multiple areas of life and health insurance?
I know many of these questions cannot be answered with any level of certainty but am trying to get a feel for what I am up against before I quit my W2 job. Any constructive input on this issue is respectfully requested.
I have worked as a Finance Analyst for various insurance companies for over 10 years. I have an MBA in Finance and ChFC designation. I also have an excellent current income and credit score. I have not yet left my W2 job but am seriously considering starting my own independent health and life insurance agency.
I just obtained my Texas state license today (8/11/2015) after disclosing 3 Misdemeanor convictions and 2 Misdemeanor deferred adjudications from the 1990s. None of the offenses involved fraud or dishonesty nor do they have any bearing on my current ability to perform in any capacity. They are not offenses for which a license may be denied according to the Texas Insurance Code, Texas Administrative Code, or 18 U.S.C. 1033. The disclosure process for my license was exhausting and included providing original certified copies of every court document, explaining the circumstances leading up to each event, indicating my age at the time of each event (17-24 years old), and providing letters of recommendation from persons aware of my criminal past.
As an independent agent, I will now have to work with various FMOs to contract with 20-50 different carriers to be competitive. From what I have gathered, each carrier has their own application for appointments, most of which require extensive criminal background disclosure and documentation. I am extremely concerned about the administrative burden and risk of not getting contracted due to my past. My questions follow:
• When applying with each carrier, will I need to disclose all records requested on each application even though I have already passed the TDI background check and obtained my state license?
• If you have your state license, isn’t it basically a given that you will be able to get appointed with any carrier? Will I be denied carrier appointments due to my background? How much of a delay and administrative burden will the background issues create?
• How does the appointment process work when contracting through FMOs- do you fill out one application for the FMO and they do the rest of the work for you?
• How many carriers will I need to contract with to be optimally competitive and possibly expand my practice into multiple areas of life and health insurance?
I know many of these questions cannot be answered with any level of certainty but am trying to get a feel for what I am up against before I quit my W2 job. Any constructive input on this issue is respectfully requested.