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Need help managing your regulatory obligations?
Unsure if you need help managing your regulatory obligations? Regulatory changes, staff turnover, mergers and acquisition, or rapid growth can challenge even the most robust compliance program. ReSource Pro’s compliance reviews offer a fresh perspective.
Finding the Gaps in Your Compliance Strategy
The lack of national databases for certain regulatory authorities makes gathering information about your compliance status a time-consuming, often frustrating task. Our experts understand the details of regulatory requirements in all U.S. states and American territories. We conduct a thorough audit with the appropriate state authorities and then prepare a detailed written report identifying any compliance gaps.
We don’t just tell you what’s wrong, though. The report also includes actionable recommendations for closing any compliance gaps. You can even delegate the specific tasks needed to our teams of licensing, surplus lines, and corporate compliance experts.
Department of Insurance
ReSource Pro’s compliance experts contact all state insurance departments to determine where you are, or have been, licensed to sell insurance products. We also compare the current information you provide with that listed in the National Insurance Producer Registry (NIPR).
Compliance reviews are available for individuals and business entities and provide:
- License type, number, and lines of authority (if applicable)
- License status
- Name and address information
- Designated Responsible Licensed Producers (also known as DRLPs)
- Affiliated individuals
- Appointments
- Reported administrative or legal actions
Surplus Lines Regulators
Depending on the jurisdiction, the non-admitted market may be regulated by a Stamping Office, state Surplus Lines Association, the Department of Insurance, or a combination of the above. Consequently, our experts contact the appropriate regulator(s) in all states where you hold, or have held, a surplus lines license to verify your license and compliance status.
Compliance reviews are available for individuals and business entities and provide:
- Surplus lines license status
- Surplus Lines Association membership (where required)
- SLIP and OPTins account information
- Past-due premium tax reports
- Past-due zero reports
Secretary of State / Department of Revenue
Our compliance experts contact the Secretary of State’s Office and Department of Revenue for all states where your business entity is, or has been, licensed. Then, they verify whether your business holds a current registration and whether there are any overdue regulatory filings.
Compliance reviews are available for business entities only and provide:
- Business registration status
- Past-due annual or biennial returns
- Registered agent information
- Tax account status
- Past-due franchise tax filings (where required)
- Past-due foreign entity tax filings
NOTE: Some jurisdictions require a Power of Attorney for a third party to access tax information.
Taking the Next Step
Once you resolve any past regulatory issues identified by a compliance review, you’ll want to keep your insurance licenses, surplus lines tax filings, and business registrations in good order. ReSource Pro Compliance therefore offers comprehensive, coordinated, and customized business solutions for organizations throughout the insurance ecosystem.