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Do you know how can I get an insurance carrier license?

Customer Question
Do you know how...

Do you know how can I get an insurance carrier license?

Lawyer's Assistant: What state are you in? It matters because laws vary by location.

Illinois thanks! I mean, insurance carrier, not agent

Lawyer's Assistant: Has anything been filed or reported?

I am asking what i need to file or report, to get license

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

I have just an company w/o license

Submitted: 1 month ago.Category: Legal
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Customer reply replied 1 month ago
Hi, thanks for your help!
I am doing an insurTech company, and what i only have is one company and one tech team.
I am wondering can I get an insurance carrier license? and do we need deposit to some money to government as reserve? and how much is it?
Thanks a lot!
Customer reply replied 1 month ago
I will meet with my investors several times this week.
so i need more information about it to talk with them.
Answered in 35 minutes by:
1/9/2018
Lawyer: Thelawman2, Attorney replied 1 month ago
Thelawman2
Thelawman2, Attorney
Category: Legal
Satisfied Customers: 1,740
Experience: Attorney-at-Law
Verified

Hello, my name is ***** ***** I will be helping you today.

Each state is going to have its own requirements for becoming an authorized company in that particular state. I'm not sure what state you are planning on operating from, but each one will need to be completed separately. For instance, the instructions for filing with Texas can be found at the following link: http://www.tdi.texas.gov/licensing/company/index.html. At the bottom of the page, you can see the different types of insurance companies available.

I would highly suggest, if you are going to be a serious company, to hire an attorney who has handled these types of registrations in the past and can handle the registration process on your behalf.

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Customer reply replied 1 month ago
sorry, I am from Illinois
Lawyer: Thelawman2, Attorney replied 1 month ago

Are you only going to operate in Illinois? Or could your customers be in other states?

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Customer reply replied 1 month ago
in Illinois firstly, this is my first step.
I understand that every state require different license
Customer reply replied 1 month ago
Do you know how much we need roughly to get the license? (government reserve and fee)
Customer reply replied 1 month ago
I mean, in Illinois
Customer reply replied 1 month ago
hi, this is not the information i need on that website you give.
All the fee indicated on that website is about "agent" or "producer", not carrier.
Lawyer: Thelawman2, Attorney replied 1 month ago

Here are the fees that are due to Illinois: http://www.ilga.gov/commission/jcar/admincode/050/050025050000700R.html which are based on the size of the company.

Additionally, these are the different classes of licenses in Illinois depending on the type of insurance you provide: http://insurance.illinois.gov/Prop_Cas_IS3_Checklists/statutes/ListofClasses-Clauses.pdf

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Lawyer: Thelawman2, Attorney replied 1 month ago

Additionally, these are the fees for filing documents with the Illinois Insurance Commission: http://www.ilga.gov/legislation/ilcs/ilcs4.asp?DocName=021500050HArt%2E+XXV&ActID=1249&ChapterID=22&SeqStart=118300000&SeqEnd=119600000

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Customer reply replied 1 month ago
thanks for that. But all the information is about commission or other fee, not about reserve fund
Customer reply replied 1 month ago
you know, one insurance company has to put some money on government side as reserve deposit. Not a commission or any fee.
it's ok my friend! I will search on google
Customer reply replied 1 month ago
Thanks
Lawyer: N Cal Atty, Lawyer replied 1 month ago
N Cal Atty
N Cal Atty, Lawyer
Category: Legal
Satisfied Customers: 9,572
Experience: attorney at self
Verified

New Expert here.

Illinois statute:

(215 ILCS 5/Art. XXII heading)

ARTICLE XXII. CASUALTY INSURANCE, FIDELITY BONDS AND SURETY CONTRACTS

(215 ILCS 5/378) (from Ch. 73, par. 990)
Sec. 378. Scope of article.
"This article shall apply to all companies authorized in this State to transact the kind or kinds of business enumerated in Class 2 of section 4.
Every such company shall, at all times, maintain reserves in an amount estimated in the aggregate to provide for the payment of all losses and claims incurred, whether reported or unreported, which are unpaid and for which such company may be liable, and to provide for the expenses of adjustment or settlement of such losses and claims. Such reserves shall be computed in accordance with regulations made from time to time by the Director after notice and hearing, upon reasonable consideration of the ascertained experience and the character of such kinds of business for the purpose of adequately protecting the insured and securing the solvency of such company.///"

from

http://www.ilga.gov/legislation/ilcs/ilcs4.asp?DocName=021500050HArt%2E+XXII&ActID=1249&ChapterID=22&SeqStart=113400000&SeqEnd=115100000

All the Illinois insurance regulations including regulations relating to reserves are linked from

http://www.ilga.gov/commission/jcar/admincode/050/050parts.html

You can get a free consultation from some of the Illinois attorneys listed by location here.

I hope this information is helpful.

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N Cal Atty
N Cal Atty
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