In this economic climate, states are now desperately searching for ways to replenish their coffers. Pre-plan and allow ILSA to register nationally on your behalf to avoid compliance issues.
-In 2008 & 2009 Virginia conducted an audit of every insurance business entity licensed in their state. If the entities were not registered by the deadline, they issued orders to revoke the licenses.
Basically, If you continue to conduct business in a state without being registered with the Secretary of State (SOS) you could face a similar situation. Although the SOS does not issue administrative actions, there are hefty fines and late penalties.
-The Connecticut Secretary of State discovered an insurance agency that was licensed by the Department of Insurance (DOI), but held no Certificate of Authority (COA) with them, that company was faced with $12,000 in penalties and fines. The Connecticut SOS has no amnesty policy for this situation.
Although some Departments of Insurance may not require you to be registered for a Certificate of Authority from the Secretary of States before issuing an entity license, this does not mean that the SOS in that state does not require you to be registered before conducting business. ILSA recommends that if you plan to or are currently doing business in a state, but aren’t registered with the SOS that you consider choosing us to do this for you.
Avoid possible legal costs, hefty penalties or fines; call ILSA for immediate compliance help now!
Tags: audits, Compliance, Department of Insurance, Insurance, licensing, secratary of state
