Licensing is only half the journey for business entities. Beyond the state insurance departments, organizations such as the Secretary of State’s Offices and state Departments of Revenue have a role in regulating the insurance industry in their jurisdictions. Failing to understand and meet these additional corporate compliance requirements can have serious consequences.
Comprehensive Corporate Compliance
ReSource Pro’s corporate compliance services provide expert guidance and support for each step of the registration and compliance process – which varies by state and business structure – coordinating with multiple regulators as needed.
Foreign Entity Registration
Insurance businesses operating in non-domicile states often need to register with Secretary of State’s Offices to secure Certificates of Authority to transact business as a foreign entity. In some jurisdictions, registration is a prerequisite for agency licensing. In others, it is a separate process. A foreign entity may also need to create a tax account in the state.
While ReSource Pro Compliance cannot advise you on whether you need to register, our experts are here to help you navigate the registration process. We also handle the complex compliance obligations foreign entities must meet to remain in good standing.
Benefits of Delegating Corporate Compliance Tasks
Provides Insight
Regulatory requirements and processes for SOS/DOR compliance are far less uniform than those for insurance licensing, and there is no single national database for registration information. ReSource Pro Compliance’s experts provide the essential information clients need to make informed decisions about their compliance strategy.
Streamlines the Compliance Process
We coordinate interactions with multiple state regulators and provide a single, secure point of access to corporate compliance information via our Compliance Gateway.
Reduces the Risk of Regulatory Penalties
We minimize the risks from failing to register when needed – penalties that SOS/DOR personnel can assess retroactively to when an entity first transacted business in the jurisdiction. These penalties can rapidly surpass the amount of fees and taxes originally owed.