Producer Requirements - (Business Entities)
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Definition
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| A corporation, association, partnership, limited
liability company, limited liability partnership, or other legal entity. |
Initial Licensing Process
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A business entity engaging in insurance activities must be licensed as a
producer.
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Application Form AL-70 or the NAIC Uniform Business Entity Non-Resident
License/Registration form must be completed and accompanied with a fee of
$120.00 (an application fee of $20.00 and a license fee of $100.00). Please
make checks payable to the Commissioner of Insurance, State of Alabama.
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Domestic and foreign business entities must be registered with the Alabama
Secretary of State. (Phone number is 334-242-5324, and web address is
www.sos.state.al.us).
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Business entities can be licensed for any and all lines of authority for which
at least one designated responsible producer acting on behalf of the business
entity is qualified and licensed.
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Name changes must be submitted with a new Certificate of Existence from the
Alabama Secretary of State.
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To change a designated producer, Form
AL-DP 1
must be completed and mailed to the address indicated on form or faxed to
334-240-3282.
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To terminate a business entity license, a letter must be submitted to the
Department of Insurance stating the name of the business, license number, and
the date of termination.
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Application and $120.00 fee should be mailed to:
Alabama Department of
Insurance
P O Box 830704
Birmingham, AL 35283-0704 Please make checks payable to
Commissioner of Insurance, State of Alabama.
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Business Entity Renewal Process
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| Business entity licenses are continuous subject to payment of
license renewal fee. In 2007, business entity licenses will renew for one year
for a license renewal fee of $50. Beginning in 2008 and every other year
thereafter, business entities' licenses will renew for two years for a license
renewal fee of $100. The renewed license can be verified on our web site at
www.aldoi.gov. |
| NOTE: No attachments are required for license
renewal. |
FOR LICENSES PREVIOUSLY RENEWED OR NEWLY ISSUED BEFORE OCTOBER 1:
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On or about October 1 of each year, a renewal form is sent to all business
entities subject to renewal.
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Renewal form and $100.00 renewal fee are due by November 15.
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If renewal form and fee are not received by November 15, a late fee of
$50.00 will also be due, for a TOTAL AMOUNT DUE of $150.00.
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Business Entity licenses will expire on December 31 if TOTAL AMOUNT
DUE
is not received by that date.
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If your license expires, you must submit a new application with applicable fee.
(Application for Business Entity Producer License - Form AL-70 or Uniform
Application for Business Entity Non-Resident License/Registration - NAIC)
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FOR LICENSES NEWLY ISSUED BETWEEN OCTOBER 1 AND DECEMBER 31:
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On or about January 2 of each year, a supplemental renewal form is sent to
all business entities subject to renewal.
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Renewal form and $100.00 renewal fee must be received by February 15.
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Business Entity licenses will expire effective December 31 if fees are
not received by February 15.
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If your license expires, you must submit a new application with applicable fee.
(Application for Business Entity Producer License - Form AL-70 or Uniform
Application for Business Entity Non-Resident License/Registration - NAIC)
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Fees
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Application Fee - $20
License Fee - $100
TOTAL INITIAL FEES - $120
2007 Annual License Renewal Fee - $50
Biennial License Renewal Fee - $100
(Biennial renewal every other year beginning 2008)
Late Fee - $50
Notice of Appointment Fee - $30
Appointment Renewal Fee - $10
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