Failure to comply may impact an insurance organization’s ability to do business in other jurisdictions

Insurance organizations may be asked to provide fingerprints or even pass a written exam to successfully comply with state-mandated business licensing regulations. According to the latest installment of CT Corporation’s Expert Insights podcast, failure to comply may result in fines, blocked commissions, or a cease and desist order prohibiting an insurance organization from conducting future business in other states.

Coby Ringgenberg, Senior Content Management Associate at Wolters Kluwer CT Corporation, explains that insurance companies and agencies must obtain a business license for every state in which they plan to operate. The specific requirements involved not only vary across different jurisdictions, but may also change depending on the role an insurance organization fills – agent, producer, broker or adjuster.

“Insurance organizations attempting to track a robust slate of business licensing requirements at the local, state and federal level can benefit from the assistance of trusted partner,” Ringgenberg says. “Every day, the experienced professionals at CT Corporation help clients manage their full range of their compliance obligations so that they can return their focus to other business critical tasks.”

For nearly 130 years, Wolters Kluwer CT Corporation has been the leading provider of registered agent services, incorporation services, and legal entity compliance. It is part of Wolters Kluwer’s Governance, Risk & Compliance (GRC) division and has a global reach into over 150 countries. More than 75 percent of Fortune 500 companies, 95 percent of AmLaw 100 law firms, and 350,000 small businesses trust CT Corporation to handle their compliance needs. The other legal services business of Wolters Kluwer GRC is Wolters Kluwer ELM Solutions – a global provider of enterprise legal spend and matter management, contract lifecycle management and legal analytics solutions.

About Wolters Kluwer Governance, Risk & Compliance

Governance, Risk & Compliance is a division of Wolters Kluwer, which provides legal and banking professionals with solutions to help ensure compliance with ever-changing regulatory and legal obligations, manage risk, increase efficiency, and produce better business outcomes. GRC offers a portfolio of technology-enabled expert services and solutions focused on legal entity compliance, legal operations management, banking product compliance, and banking regulatory compliance.

Wolters Kluwer (WKL) is a global leader in professional information, software solutions, and services for the healthcare; tax and accounting; governance, risk and compliance; and legal and regulatory sectors. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with specialized technology and services. Wolters Kluwer reported 2021 annual revenues of €4.8 billion. The group serves customers in over 180 countries, maintains operations in over 40 countries, and employs approximately 19,800 people worldwide. The company is headquartered in Alphen aan den Rijn, the Netherlands.

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