Is my business required to have a license if I have a license?
A business entity that acts as an insurance producer needs to have a business insurance license separate from any individual license.
Is my agency required to have all producers registered to the agency license?
No, but you are required to have at least one registered producer who carries the lines of authority the agency does. All other registered agents are optional.
Am I required to register my business with the Idaho Secretary of State (SOS)?
Yes, all entities doing business in Idaho must be registered with the Idaho Secretary of State.
What is a DRLP?
The Designated Registered Licensed Producer is an individual responsible for the business entity's compliance with the insurance laws and rules of this state.
Can I use multiple DRLPs to cover all lines of authority, if needed?
Yes, multiple DRLPs can be assigned if one producer does not carry all of the lines the agency is applying form.
Can an agency carry the Variable line on their business producer license if they don't have their own CRD number?
No. An agency must be registered with FINRA to carry the Variable line on its license. It must have its own CRD number, not provide one that belongs to an individual or their brokerage. Please note, a licensed insurance agency can still receive commissions for variable sales without carrying the Variable line on their license, IF the business was placed through an agent and brokerage carrying the Variable line.
Can an agency receive commissions if they do not carry the Variable line on their license?
Yes, A licensed insurance agency can still receive commissions for variable sales without carrying the Variable line on their own license, IF the business was placed through an agent and brokerage carrying the Variable line on their license.
My business license expires in a few months, why can't I find a renewal option online for Idaho?
Idaho renewals are available only up to 60 days prior to the expiration date on the license. You may be too early and will need to check back at a later date.
Can I add a DBA to my license? How do they work in relation to my license?
Please see the Doing Business AS (DBA) Information and FAQs section of our website under Licensed Professionals, Other Information.
Do I need to report a change of ownership?
Yes. Per Title 41-1008(6), you must report a change of ownership to the Department of Insurance within 30 days, using our form. The form is on our website homepage under Licensed Professionals, Forms/Links.
Can Registrations and Terminations be done by paper, or only electronically?
If you submit more than 25 requests per year, we require you to do these transactions electronically through Sircon. If you do fewer than 25 per year, or if your agency's FEIN is associated to multiple license numbers in the system, you may submit these on paper. The form is on our website homepage, under Licensed Professionals, Forms/Links.
Where can I print my license?
We have a print function on our website for this. On the homepage, under Licensed Professionals, you will select Other Information. On the next page, there is a quicklink to Print a License on the right-hand side.
If your question is not answered above, please submit your question directly to the DOI.