Ep. 04: Corporate Name Changes
Kristy Roberts is the Manager of the Licensing, Compliance, Sales, and Intake Department at Insurance Licensing Services of America. Her career at ILSA began over 10 years ago, working in the Compliance Department. Within her first year, she was promoted to supervisory roles within the company and by 2014, she was promoted again to her current position.
Kristy has achieved numerous award nominations while at ILSA, including Employee of the Year, Supervisor of the Year, and Manager of the Year. She has recently received her SILA-A Designation.
Today, she joins me to share her insight on some of the common pitfalls that many insurance agencies face when changing their corporate name, how to avoid getting penalized by the Departments of Insurance, and what you need to know to stay compliant with your state’s Department of Insurance.
“It’s better to do it right than to have to do it over.” – Kristy Roberts
What you’ll learn:
- Why changing your agency’s tax ID creates challenges within the Departments of Insurance?
- How to identify your state’s requirements to change your agency’s name.
- What are the costs associated with corporate name changes?
- What is the appropriate timeframe for reporting your name change to non-resident states and are there exceptions?
- Administrative actions and penalties for failing to notify the Departments of Insurance about your agency name.
- Why it’s important to request producers to update your business name and address.
- Updating registrations with Stamping offices for surplus line brokers.
- The average turnaround time for company name approvals.
Kristy’s Tips for Corporate Name Changes:
- Visit your state’s Department of Insurance website.
- Check for Name Approval
- Base your name on your state’s name approval criteria
- Understand the state’s requirements for changing your agency’s name.
- Report your corporate name change within a reasonable time – typically within 30-45 days.
- Be honest about oversights and clerical errors with the Departments of Insurance.
This episode was brought to you by
Insurance Licensing Services of America (ILSA), America’s premier regulatory compliance experts. To learn more visit ILSAinc.com.