In 2006 a new rule went into effect requiring agencies to identify an agent in charge of each agency, and to complete an application for agency registration or licensure. While there is quite a bit of information regarding the policies and procedures, many agents are finding themselves in trouble with the Department of Financial Services (DFS) for failure to comply with these rules, resulting in steep fines by DFS.
Especially apparent is the confusion concerning registration versus licensure. Specifically, which option is required, which option requires renewal and which option is perpetual. There is especially an issue with agents not registering or licensing their agencies as required when starting or acquiring an agency, and agency licenses not being renewed as required every three years.
The attachment below contains important instructions and is intended to be a step-by-step guide for agents to confirm if their agency is registered or licensed, and if necessary, the steps to complete the required application.
Agency Registration and Licensure Job Aid