Does anyone know how to apply for a business entity with the Dept of Insurance.?

Question

I am hoping for a step by step instruction.

Answer 1

Depend of the State that you like to open your business. In the case on Ohio here the requirements:

In order for the Ohio Department of Insurance to process a Business Entity license request the "NAIC Uniform Application for Business Entity License/Registration" form must be completed in its entirety.

Print or type the requested information in the boxes provided.

Applicant information (Sections 1 through 24): must be completed, if applicable.

Designated/Responsible Licensed Producer (Section 25): The business entity must have at least one Ohio licensed insurance agent designated as the agent responsible for the business entities compliance with Ohio's insurance laws.

Owners, Partners, Officers and Directors (Section 26): provide the required information for all owners, partners, officers and/or directors of the business entity with a 10% or more voting interest in the agency.

Jurisdiction and Type of License/Registration Requested (Section 27 or Section 28):

Jurisdiction:

Ohio



Legal Business Type:

Mark the corresponding Legal Business Type (i.e. C for Corporation)



License/Registration Type:

Mark "Y" for agency/firm



Lines of Authority:

Mark only the authority type for which the Business Entity is applying for



Previously Licensed:

Mark "yes" only if previously licensed in Ohio



Background Information (Sections 29): Answer questions 1 through 6 and provide specific information as required.

Attachments (Section 31): Supporting documents must be attached to the application.

The application must be dated and signed by an officer, director, principal or partner of the business entity. The name, title, and complete address of the signatory must be typed or printed.

The completed NAIC Uniform Business Entity Application and any supporting documents must be submitted to:

Ohio Department of Insurance

License Division/Corporate Section

2100 Stella Court

Columbus, Ohio 43215-1067



NOTE: There are no application fees required at the time of submission to the Ohio Department of Insurance. The insurance company will be billed once the appointment has been issued.

All Business Entities (Resident & Non-Resident) may be required to register with the Ohio Secretary of State in order to conduct business in Ohio. Ohio law provides that no domestic or foreign corporation, limited liability company or limited liability partnership may transact business in Ohio until it has registered with the Ohio Secretary of State. (ORC 1703.03, 1705.54 and 1775.64 respectively). The telephone numbers for the Ohio Secretary of State are [phone] or toll-free [phone].

If the applicant is a Partnership, a copy of the partnership agreement must be included. If a written partnership agreement does not exist, an affidavit that outlines the functions of the partnership may be submitted in lieu of the partnership agreement.

If the applicant is a Limited Liability Partnership, a copy of the partnership agreement must be included. If a written partnership agreement does not exist, an affidavit that outlines the functions of the partnership may be submitted in lieu of the partnership agreement.

If the applicant is a Limited Liability Company, a copy of the operating agreement must be included along with a certified copy of the articles of organization.

The Business Entity must have at least one Ohio licensed agent designated as the person responsible for the business entities compliance with Ohio's insurance laws.

The Business Entity must be licensed by the Ohio Department of Insurance and appointed with an insurance company before conducting business in the State of Ohio. There may also be a legal requirement to register with the Ohio Secretary of State prior to conducting business in Ohio, even if the Ohio Department of Insurance has issued a Business Entity license. If you have any questions about Business Entity licensing procedures, please contact the Ohio Department of Insurance, Corporate License Section at (614) 644- 2665 extension 2158.