Georgia Agency License

[GeorgiaAgent]

Ok...I have incorporated, acquired E & O, and now I am ready to set up carrier appointments.

Although I have my personal insurance license, my agency license has yet to be issued. Should I go ahead with the appointment applications?

Also, I will be up and running with Agency Secure this week.......should I go ahead and write policies? Can the agency receive commissions from my production if the license is delayed from being issued? (I am the only person on the payroll and get my compensation from an investment in the business, not commission).

Thanks in advance!

 

[somarco]

Your agency license will need to be issued before commissions can be paid to the agency. You will write business under your agent number, even after the agency license is issued. Until you get the agency license, commissions can be paid to you.

Some carriers will require a separate contract for the agency while others will simply ask you to provide an assignment of commissions.

You should also have a separate bank account for your agency and have checks deposited there. Use that account for paying agency related bills.