Does the producer need to provide a statement to the OIC regarding if they will or will not be charging fees?
A new applicant for an insurance license will be asked to declare in what capacity they plan on doing business – in an agent capacity, in a broker capacity, or both. This can be done per the instructions on page two of the paper application or on the online application. An existing licensee will not have to declare what capacity in which they will be doing business but will need to meet the requirements of the law if acting in a broker capacity. There is no requirement to provide a statement to the OIC concerning the charging of fees.
Related Questions
- May a travel agent or agency receive referral fees from a travel insurance company if the travel agent or agency does not have a license as an insurance producer?
- Does the producer need to provide a statement to the OIC regarding if they will or will not be charging fees?
- Is the bond required before the OIC will issue an insurance producer license?
