For a fire and casualty broker-agent that transacts on behalf of a surplus line broker organization, what does the broker-agent have to do to apply for a surplus line broker license?
The fire and casualty broker-agent will need to complete the following steps to receive a surplus line broker license: Step 1: Submit an Individual Application for Insurance License, Form LIC 441-9, and mark the surplus line broker box; Step 2: Include the $500 license fee for an individual transacting only on behalf of a surplus line broker business entity or $1,000 for individuals that will hold a surplus line broker $50,000 bond with the application; Step 3: Complete the Surplus Line and/or Special Lines’ Surplus Line Certification, Form LIC-050. Form LIC-050 has been revised and is to be used to declare that the broker will be providing a $50,000 bond or that the broker will be transacting on behalf of the organization. Step 4: Any surplus line broker organization for which the broker will be transacting on their behalf will need to submit a broker endorsement, Form LIC 411-8A. When terminating a surplus line broker, the surplus line broker agencies will need to submit a broker ter
Related Questions
- For a fire and casualty broker-agent that transacts on behalf of a surplus line broker organization, what does the broker-agent have to do to apply for a surplus line broker license?
- Would the surplus line broker have his or her license canceled if their fire and casualty broker-agent license is inactivated due to a late renewal or other circumstances?
- What will my credit be if I paid $700 for a surplus line broker license and I transact solely on behalf of a surplus line broker business entity?
