Insurance Agency: What You Need to Know

AAA Hudson Valley LLC Insurance Agency. Apple Auto Agency · Capital Gate Insurance Agencies. Do you need to know about the establishment of an insurance agency? The Department of Insurance authorizes the name and license of corporate insurance agencies, and this article will provide you with all the information you need to know. The superintendent may issue a license to any person, firm or corporation that has met the requirements of this chapter, authorizing such licensee to act as an insurance agent with respect to the lines of authority for life, variable life and variable annuity insurance products, or accidents and health and illness or any other line of authority that the superintendent deems similar, including for this purpose, contracts of health maintenance organizations, legal services insurance, or with respect to any combination of the foregoing, as specified in such license, on behalf of any insurance company, fraternal benefit society, or health maintenance organization, that is authorized to conduct such insurance business or health maintenance organizations in this state.

C) Any such license issued to a company or association shall authorize only the members of the company, named in such license as sublicensees, to act individually as agents under it, and any such license issued to a corporation shall only authorize the officers and directors of the corporation, appointed in that license as sub-licensees, to act individually as agents under it. Any sublicensee acting as an insurance agent pursuant to such license shall be authorized to act only on behalf of the licensee. It is important to note that a person or other entity must use only the licensed name when conducting business transactions. If the insurance business is conducted by a corporation, you must use only the corporate name that appears on the license; otherwise, that entity would be conducting insurance business without a license in violation of Insurance Act § 2102 (a). That could provide a basis for the Superintendent of Insurance to revoke such a license pursuant to the Insurance Act §§ 2110 (a) (and (.

The name proposed in the fact pattern, “XYZ Insurance Agency, Inc. requires such approval. In response to the third inquiry, neither the Insurance Act nor the regulations enacted under it require that an insurance agent or agency be subject to bond. For more information, you can contact Associate Attorney Alexander Tisch at the New York City Office. Showing 65 agencies in New York, NY.

Pursuant to the Business Companies Act § 301 (B), a corporation's name cannot include the term “insurance” without the approval of the Superintendent of Insurance attached to the certificate of incorporation. The General Crimes Bill disqualifies anyone convicted of a felony involving dishonesty or breach of trust or any person who has been convicted of a crime under this section from working in the insurance industry. This prohibition can be removed if the Superintendent gives approval for the person to remain or become employed in the insurance industry. Insurance Act § 2103 sets out licensing requirements for agents, including individuals, firms, and corporations. In answer to the third question, neither the Insurance Act nor the regulations enacted under it require that an insurance agent or agency be subject to bond. Neither the Insurance Act nor the regulations enacted under it require that an insurance agent or insurance agency be in a position of bond. And at least three hours of enhanced flood insurance instruction if licensee sells flood insurance through the NFIP.

Tompkins insurance agencies have been helping families and businesses with insurance strategies and solutions to protect their assets and manage their risks. It is important for those involved in an insurance business to understand that insurance law requires that each place of business established by a person, corporation, partnership, or limited liability company established by a licensee must be supervised by one or more persons licensed to conduct the types of business being conducted in that office.

Angelia Brazille
Angelia Brazille

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