Which State Should I call home?
- Thread starter MattHayek
- Start date
- 2,262
Check with each state's BOI and find out about reciprocity. Call the easiest state your resident state and get non-resident in the other. Once you move you will need to change your state of residence so check for requirements. some states allow for an application and fee, others require more (like finger prints)
- 6,457
Caveat, not an agent.
My thought would be the state for your Social Security and Federal Income Tax Return addresses.
My thought would be the state for your Social Security and Federal Income Tax Return addresses.
- Thread starter
- #4
Yes by law that has to be the case. I know NY does a number on your commissions, I guess I'm wondering people's opinions for people who operate in any of these states.
I live in NY and I avoid selling policies in NY. Take that for what its worth.
- 16,880
New York is definitely your worst. It’s a nanny state and caps your commissions very low. Many insurance companies refuse to do business in New York.
Is the tail wagging the dog here? If the licensing requirements were easier in SC than NY (which is the state you are a resident of currently) -- would you hold off getting licensed until you move to SC? If so, that might be your answer.
I say that because while I don't look at licensing requirements at all, many years ago I was contemplating moving just over the border, from where I live in NJ, to NY; and I specifically remember a friend of mine telling me the licensing requirements, CE, etc. were more onerous in NY (for your resident license). I have no idea if that is still the case today. Good luck!
I say that because while I don't look at licensing requirements at all, many years ago I was contemplating moving just over the border, from where I live in NJ, to NY; and I specifically remember a friend of mine telling me the licensing requirements, CE, etc. were more onerous in NY (for your resident license). I have no idea if that is still the case today. Good luck!
- Thread starter
- #8
I think they're transferrable for the most part, with certain things different (ex. fingerprints) Less worried the license itself. Was more concerned with things like how NY only allows 50% commissions for NY Business.
They are transferable. Enough for the licenses.
Now your last line here is talking about commissions. Who told you they only allow 50% commissions? That is NOT true! While you won't be getting over 100% no matter which way you go in NY (some companies pay very high renewals the 2nd year to make up or may even have some type of "marketing bonus"), 50% is low. If someone has tried to convince you of that, run away from them!
Always_Be_Closing
New Member
- 5
NY is tough for insurance with lots of additional requirements for companies. NJ isn't much better but has improved a bit, especially auto where companies were leaving less than 20 years ago. I'd rank them SC, NJ, NY.
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