Informational Notice Concerning Insurance Agency Licensing and Registration

While the Department of Financial Services does not have the authority to extend the October 1, 2006, statutory deadline for filing applications for insurance agency licensure or registration, the department was granted discretion concerning the imposition of administrative fines relating to late filed applications. Although the department has successfully received thousands of applications in recent months many insurance agencies are only now attempting to file their applications. This heightened application activity at or near the October 1st deadline has resulted in an extremely high volume of callers seeking guidance and direction concerning the on-line application process and other compliance issues. In order to provide the best possible customer service and address the extremely high volume of telephone calls we are receiving, the department has made the decision to forego the imposition of administrative fines until November 1, 2006. Accordingly, the department strongly encourages all insurance agencies required to file applications for licensure or registration and have not done so, to submit their applications before November 1, 2006, in order to avoid administrative penalties.