As soon as regulators issue an insurance license, the countdown toward renewal begins. Many agencies and individuals struggle to track license expiration dates. Once, insurance departments sent reminders about upcoming renewals. That’s rare nowadays, as states increasingly provide license information online.
Regulators don’t go out of their way to make tracking insurance license renewals easy either. Some licenses renew on the anniversary of the original issue date. Individual licenses sometimes renew on the license holder’s birthday. Other states pick an arbitrary renewal date for all licenses to renew. A handful of states even issue perpetual licenses that don’t renew at all. Sometimes, however, they impose other requirements such as meeting continuing education requirements or maintaining an active appointment.
Failing to renew licenses on time results in additional fees and lost revenue if you must turn down business due to the lack of active licensure. Writing new business or servicing existing policies on a lapsed license can lead to administrative actions and fines. Last, failure to renew a resident license may prompt other insurance departments to cancel non-resident licenses!
No More Late Renewals
Our licensing experts track your insurance license expiration dates and automatically process renewals unless otherwise instructed. We maintain copies of all licenses obtained through ReSource Pro Compliance in a secure, online library for easy retrieval. For individuals, our Continuing Education Tracking service provides detailed information about CE requirements and makes monitoring progress toward meeting those requirements simple.
Choice of Service Level
We automatically process renewals at the earliest possible time. For resident individual licenses, we ensure that state insurance departments apply CE credits appropriately. And if you subscribe to our License Copy on Demand service, we automatically supply electronic copies of each renewed license in states where regulators do not mail copies to licensees.
Our experts also can help renew or reinstate licenses that lapsed before you came on service with us. We review the license status of all new clients and identify licenses that lapsed within the last two years. If a license is still needed, we act immediately to bring you back into full compliance.
And for those who aren’t quite ready to fully let go of the responsibility for renewing licenses, we also offer a basic service option that sends 30/60/90-day reminders of upcoming renewals to your in-house compliance coordinator.