Surrending p&c license to go into claims

[Strategy101]

Quick question. What happens to our agencies previously written business now that owner is wanting to close the p&c sales operation to go into claims and will be surrendering the producer's license and agency license?
What steps do we take? Will we continue to get paid commissions on all previously written business? Note: Our operation is very small and has a small book of business.
Thanks

 

[whatyouwantfinally]

Quick question. What happens to our agencies previously written business now that owner is wanting to close the p&c sales operation to go into claims and will be surrendering the producer's license and agency license?
What steps do we take? Will we continue to get paid commissions on all previously written business? Note: Our operation is very small and has a small book of business.
Thanks

Probably no to all of that.

Is it a captive or independent agency? If captive, which company?

 

[Strategy101]

Probably no to all of that.

Is it a captive or independent agency? If captive, which company?

We have an independent agency.

 

[whatyouwantfinally]

We have an independent agency.

Then it's very likely he's selling the book of business. Unless you're being hired by whoever buys it, the commissions will now go to whoever purchases it.

 

[whatyouwantfinally]

We have an independent agency.

Ah, seems like YOU own the book.

Simple answer; if you don't have a license, you can't receive commissions. End of story.

 

[Strategy101]

Ah, seems like YOU own the book.

Simple answer; if you don't have a license, you can't receive commissions. End of story.

Okay so how do i get rid of these accounts? I only have a handful. Not sure if I can find a buyer so quickly. Need to surrender license soon for my new w2 position

 

[whatyouwantfinally]

Okay so how do i get rid of these accounts? I only have a handful. Not sure if I can find a buyer so quickly. Need to surrender license soon for my new w2 position

Notify the carriers and they'll re-assign them to local agents. Just know you'll no longer be paid on them.

 

[Strategy101]

Notify the carriers and they'll re-assign them to local agents. Just know you'll no longer be paid on them.

Okay that seems easy enough. Excited to start my new journey in the claims world but also a little bummed about giving up my p&c license and the ability to keep selling. It's cool though because at least I will still be able to sell life and health products so I am not getting rid of my business completely.

 

[adjusterjack]

Why do you have to give up your P&C license?

Something in your state's licensing law?

Or the company hiring you for claims requiring it?

 

[Strategy101]

Why do you have to give up your P&C license?

Something in your state's licensing law?

Or the company hiring you for claims requiring it?

My state says that one cannot hold a P&C producer's license and an independent adjuster's license simultaneously. In order to obtain an adjuster's license, we must surrender the p&c producer license.
There may be some work around this but I am not sure. I am just preparing for the worse. I am going to inquire with my new employer to see if they really need me to have an adjuster's license in my state or not because if they don't, I may be able to get an adjuster's license outside my home state and keep my p&c producer's license.