The National Association of Insurance Commissioners (NAIC) has established a search engine to find lost policies for families of a deceased love one. That website is: https://eapps.naic.org/life-policy-locator/#/welcome. This website shares the information with all life insurers in the country. It is recommended to have a copy of the death certificate and information on prior […]
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The SECURE Act 2.0 was part of the Deficit Reduction Act signed by President Biden made a major change in Required Minimum Distributions(RMD) for all pensions plans including IRA. Those individuals with the Traditional Individual Retirement Accounts (IRA) who turned 73 in 2023, can delay their first RMD until next April 1 of the year
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Each month FINRA notifies Insurance Regulators about their actions against register representatives whether they hold an insurance license or not. Insurance producers are required to notify the Insurance Regulators of any violations within 30 days. At the time of a license application or license renewal, producers are required to list all violations by any regularity
Yes, you can receive renewal commissions if insurer paying those commissions allows that practice and the state regulators. Check your contract or call the home office for details of paying renewals to unlicensed individuals. Unlicensed individuals can not offer insurance services (including advise) to the general public. Most states does not allow that practice
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Producers are required to report criminal convictions to their state insurance regulators within 30 days. It would be wise to provide all the facts and court order for the insurance regulators to review. Failure to report convictions withing 30 days, would suggest to regulators that the producer is dishonest and would automatically revoke the insurance
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Question: I am a broker for a viatical company live in a state that requires no viatical training, am a required to complete the viatical training where is mandated? Answer: Each state has the right to require all producers to do that state’s required training. If the home state of the producer has the same
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Question: I am a licensed producer in Missouri only and moved to Illinois, do I have to take the Illinois insurance exam? Answer: Provided that you are in good standing (no pending complaints or hearings) with the Missouri Department of Insurance, you can make an application for an insurance license in Illinois and pay the
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Can I drop my insurance license and continue to receive renewal commissions? Answer: As a general rule for most states, you must be licensed to receive any commissions new or renewals. Even if you do keep your license in force, some companies require some level of sales for you to continue receiving commissions. Check with
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Question: I am no longer selling Medicare Advantage plans, can I receive my renewal commissions without doing the training? Answer: According to Medicare regulations, you must complete the annual training and score 90% or better on the final examination in order to continue getting renewals commissions.
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Yes, there is. This is a website that will help https://eapps.naic.org/life-policy-locator/#/acknowledgment
Is there a way to search for written life insurance policies in any State? Read More »
