Table of Contents
Failing to report name and address changes, changes in ownership or governance, administrative actions or legal issues, etc. in a timely manner is a common cause of fees, fines, and other penalties. You often have as little as 30 days to report such changes to regulatory authorities.
ReSource Pro Compliance streamlines the change notification process. You communicate new information to us once. Our experts then prepare and submit the appropriate forms and fees to regulators as needed within the designated timeframe. We can also provide impact assessments for changes under consideration.
State insurance departments need to have the most current names of licensed individuals and business entities on file to ensure that the public knows with whom they’re dealing. It also allows the DOI to direct time-sensitive communications appropriately. The procedures for name change notifications vary from state to state and for individuals versus entities.
ReSource Pro’s compliance experts process the appropriate forms for each jurisdiction. They also coordinate the submission of any supporting documentation needed to verify the name change. Finally, they can secure an updated license copy showing the current name.
In addition to name changes, our compliance experts can assist with the registration and renewal of doing business as names (also called fictitious, trade, or assumed names) and with conversions which involve a change in your business entity’s legal structure.
For clients enrolled in this service, ReSource Pro tracks residence, business, mailing, and email addresses for individuals and business, mailing, and email addresses for business entities. When an address changes, our experts complete a NIPR Contact Change Request or the appropriate state-specific change notification form to alert regulators and other interested parties to the new contact information.
If a change of address takes an individual or business across state lines, ReSource Pro can help you navigate the more complex change of resident state process – including securing letters of clearance, where required – to minimize the risk of a gap in active licensing.
Director and Officer Updates
Regulators track the individuals and/or entities that own or exercise governance over insurance businesses. For corporations, this includes the president, vice-president(s), secretary, treasurer, director(s), and owner(s). LLCs must report members and managers, while limited partnerships report the general partners.
When your ownership or governance changes, state regulators expect an update within 30 days. ReSource Pro’s compliance experts submit the new information via the state-specific process. They can also facilitate fingerprinting of individuals, where required, and submission of legal documents authorizing the change.
Administrative or Legal Action Notifications
Regulators expect insurance licensees to demonstrate the highest standards of professional and ethical conduct. As part of the licensing process, all applicants are required to answer a series of uniform background questions about criminal history, regulatory sanctions, unmet financial obligations, business relationships within the insurance industry, etc. If circumstances change a licensee’s response to one of these questions, regulators need to be notified immediately.
Failing to disclose administrative or legal actions in a timely manner or failing to respond to communications from regulators about alleged or reported wrongful actions can set off a chain reaction of regulatory sanctions.
ReSource Pro Compliance provides end-to-end support for clients facing this challenging situation. Our experts help licensees prepare and submit letters of explanation and gather and upload required supporting legal documents. They also ensure that regulators in all states where the individual or entity holds an active license are notified of the sanction.