Ep 04: Corporate Name Changes

Kristy has achieved numerous award nominations while at  Insurance Licensing Services of America, including Employee of the Year, Supervisor of the Year, and Manager of the Year. She has recently received her SILA-A Designation. Get the inside scoop from Kristy Starling Roberts, a Manager for the insurance industry’s premier Licensing and Compliance Service Provider, ILSA. Kristy manages a team of specialists handling initial licensing, renewals, sanctions notifications, appointments and other compliance tasks to keep producers in compliance. 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 Today on Spot On Insurance: 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  Key Takeaways:  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.  Connect with Kristy Roberts:  Phone: (254) 729-6180  This episode was brought to you by… Spot On Insurance is brought to you by Insurance Licensing Services of America (ILSA), America’s Premier Insurance Licensing experts. To learn more about ILSA and their services, visit ILSAinc.com.  Connect, Learn, Share Thank you for joining us on this week’s episode of Spot On Insurance. For more resources and episodes, visit SpotOnInsurance.com. Subscribe so you never miss an episode. Love what you’re learning, Spot Light your review on iTunes and share your favorite episodes with friends and colleagues!