DLRP for Hire?? 3 Questions

[JamesMurray]

Hey There,

I'm representing an international insurance business that is looking to launch in U.S (state by state). We need a P&C licensed individual to act as our designated licensed responsible producer in order to obtain our entity licences.

The business is incorporated in Delaware but it's my understanding that either a resident (Delaware) or non-resident licensed individual can act as our DLRP.

Once we have a Delaware entity licence, we will look to obtain licences across the country. We will also pay for our DLRP to be licensed across the country (if they are not already).

We already have relationships in place with underwriters who will sponsor the entity and DLRP.

I have 3 questions...

1. Is the above plan feasible? (any immediate red flags)
2. Is there anyone in this forum that would be open to discuss the opportunity?
3. What would be a reasonable fee to pay the DLRP?

Thanks in advance for your advice.

JM

 

[djs]

Why not just get a non-resident license yourself?

This whole question makes it sound like very, very, very little thought has gone into this opportunity on your end. The DLRP needs to be someone that the entity has control over, not just a random person.

They are also responsible for compliance of the company and MUST be associated with the company. This isn't something that the average producer will want to take on.

Your DLRP should be paid a salary, not a fee. They have to be associated with the company, which is the classic definition of an employee (or owner).

Dan

 

[todd02]

Agree Dan, sounds like someone In a pub had an idea across the pond and threw out a line.