Starting Broker in New York

[elklive]

I want to open my own ind. brokerage for P&C, life, health.

I have a referral system in place and have successfully marketed other agents and companies before.

How do I start from scratch in New York State? Right now I work for a captive agent. Do I need to notify the state when I leave and apply for a brokers license?

I know I have to Incorporate and get E&O liability and a website. Then what?

I have to contact each company individually to write with? Or is is better to go through a general agency?

Any help would be appreciated.

 

[Guest]

I am in the same situation and state as you and my research gives me the impression that it is better to go with a good IMO because they can set you up with multiple companies all at once. Plus I have heard that it is easier to negotiate higher commissions as your production increases wiht an IMO than a insurance company. Not to mention some IMO's can offer back office support to you that otherwise you may have to do yourself like the compleation of Reg 60 paperwork for example. One thing though, don't get in with an IMO that you cannot get out of. In other words always get a prenup. I have worked in upstate NY for about 6 years. If you want to talk more you can shoot me an email at [email protected]