Do I Need a License?

[capamando]

Hello,

First time here and very green so I hope I don't offend anyone here.... My question is this:

Do I need a license if my role is to serve as a bridge between a prospective client and the insurance agency? My role would be to find clients in my area that would be interested in receiving a quote from the insurance agency. No selling just providing printed literature and a contact person for them to call. My compensation would only be realized if they switch policies.

I am not even sure if this is legal to do in Florida nor if this is a "pie in the sky" idea. Just putting out there for those of you that have the knowledge and wisdom to advice a newbee like me.

Thank you for your attention

 

[moonlightandmargaritas]

"My compensation would only be realized if they switch policies."

This arrangement would require that you be licensed.

 

[Paradigm]

I disagree you are essentially bird dogging and as long as the brochures arent carrier specific and are simply for the agency and you arent selling you have no need for a license.

As long as you arent doing a split comm and what you are doing is like a finder's fee arrangement you should be fine.

 

[moonlightandmargaritas]

I disagree you are essentially bird dogging and as long as the brochures arent carrier specific and are simply for the agency and you arent selling you have no need for a license.

The compensation is based on making a sale, so you've got to be licensed.

 

[IndyAgentIDTMY]

The compensation is based on making a sale, so you've got to be licensed.

I agree as compensation is contingent upon the sale, you definitely need to be licensed.

Better safe than sorry!

 

[Charpress]

In most states, if it is a violation at all, it would be a criminal offense.

Why would anyone even take a chance? Even on this forum there is some disagreement. I assure you that regulators all take the position that they control everything insurance related.

 

[capamando]

Hello,

Gosh, did not expect such a quick response... thank you all. Okay so how could I received $$$ for my efforts without a license?

Thanks

 

[Charpress]

Every state is going to be somewhat different on insurance licensing requirements. You could always call your insurance commissioner and ask. I think I already know the answer, however.

Just get licensed. It isn't that big a deal and the situation you describe is probably going to lead to deals where you clearly must be licensed.

 

[capamando]

Hello,

Okay, like most of you said "better safe than sorry". Let us say that I prepare myself for the exam (online)..which one? and I pass the exam.... then I will park my license with this particular agency and my compensation would be an arrangement between us? 1099?

Again thank you Charpress and others for your advice

 

[Charpress]

That is going to depend on your state requirements. Most states don't require that you "park" your license anywhere. All states require that you be licensed before you can split fees on insurance products. That carries over to any sort of compensation that results from the sale of an insurance product.

Get the license and then worry about how to handle contracting.