Ep. 29: Mergers & Acquisitions Licensing & Compliance

by | Nov 7, 2017

Joyce King has over ten years of experience in the insurance licensing and compliance industry, and currently supervises the Marketing and New Client Services Department at ILSA. Her primary responsibility is to oversee marketing staff activities and new business enrollment operations. She has received multiple awards and merits for her leadership skills and customer service initiatives. Some of her most notable awards are Outstanding Customer Service Award in 2006 and Supervisor of The Year Award in 2007.

Today, Joyce joins me to discuss licensing and compliance issues as they relate to mergers and acquisitions. She shares scenarios of what happens when you prioritize licensing and compliance, and explains what happens when you don’t. She also shares some advice regarding designated producers and state laws when you have to replace them.

“You need to be licensed and registered if you want to not have any compliance fault whatsoever.” – Joyce King

What you'll learn:

  • Why licensing and compliance should be top priority during mergers and acquisitions.
  • What we should be looking at when it comes to cost of compliance.
  • What is "asset purchase only"?
  • Why you need to consider name familiarity?
  • Bringing in new faces during mergers and acquisitions.
  • What you should do with an old, unused entity?

Connect with Joyce

  • Website: ILSAinc.com
  • Email: j.king@ilsainc.com
  • Phone: (254) 729-6127 

Key Takeaways:

  • You always want to wait and save your domicile state for last.
  • If you're looking at merging entities or bringing on a new responsible producer, make sure there's some level of commitment from that person.
  • Licenses are not transferable; they are tied to federal tax ID numbers.

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.

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