Do You Sell Credit Life & Disability Insurance? You Must Renew Two Licenses: Individual Agent and Business Entity License

You may remember a few months ago, we provided a reminder to dealers that F&I salespeople were required to renew their licenses to sell credit life and disability insurance.  We’ve recently learned that the Ohio Department of Insurance is also requiring that each business which employs a licensed agent must also renew its Business Entity license. 

This is a reminder that any dealer who has a “limited lines authority license” to sell credit life and disability insurance must renew their business entity license by September 30, 2012. Failure to renew may result in a suspension of your ability to sell credit life and disability insurance.

This business entity renewal is in addition to the license which each of your F&I employees is required to have.  F&I salespeople are required to renew their individual agent licenses every two years by their birth month. 

The cost to renew a business entity license is $25 plus a $5 application processing fee.  Step by step instructions regarding the renewal process can be found under the “Renew by Agent” license tab on the Ohio Department of Insurance website (www.insurance.ohio.gov). 

FAILURE TO  RENEW:

If a dealer does not submit a license renewal application by September 30, 2012, the department will give a one-month extension period to submit an application, but the dealer will be required to pay a $100 extension fee in addition to the $25 renewal fee. 

IF A LICENSE RENEWAL APPLICATION IS NOT SUBMITTED FOR THE DEALER BY OCTOBER 31, 2012, THE LICENSE WILL BE SUSPENDED ON NOVEMBER 1, 2012 AND ALL COMPANY APPOINTMENTS WILL BE TERMINATED.  ONCE A LICENSE HAS BEEN SUSPENDED, A BUSINESS ENTITY MUST CEASE ALL INSURANCE ACTIVITIES AS THEY ARE NO LONGER ELIGIBLE TO SELL, SOLICIT OR NEGOTIATE INSURANCE IN OHIO.

Please take a moment to ensure your Business Entity Insurance License is renewed on time.  If you have any questions call Sara Bruce at OADA 614-923-2243.  You may contact the License Division of the Ohio Department of Insurance at 614-644-2665.

How to renew your Business Entity License:

1. Go to www.insurance.ohio.gov the home page for the Ohio Dept. of Insurance
2. On the left side of the page, click “Renew My Agent License”
3. At the bottom of the page, you will see the category “Business Entity Renewal Applications”. In the left column you will see “Resident” and “Resident Instructions”. Click “Resident Instructions” and print this page. The instructions will walk you through the steps of renewal.
4. When you are ready to renew click “Resident’. You may ignore the first page as this is for agent license that require Continuing Education (CE). Scroll to the bottom of the page. At the bottom of the page click “Begin”.
5. Next you will see a “Use Agreement” which you will either “Accept” or “Decline” in order to move to the next step.
6. Complete the requested information on the National Insurance Producer Registry (NIPR) site.
7. Once renewed you will be notified and you may print off a copy of your license. It may take several days for you renewal to be processed and for you to receive your notification.