Insurance Producer License Renewal Inquiry
Hello everyone,
I hope I’m in the right place to ask my question. I’ve seen similar discussions about maintaining licenses on this subreddit, so I thought I’d reach out here.
I currently hold a Life and Health Insurance Producer License from my time at an insurance company. I’ve recently transitioned to a new financial services firm that doesn’t support my LH License since I’m now focused on investments without any insurance product involvement. As this is the first time I’m managing my license renewal independently, I have a question regarding the renewal process.
I’m a resident of Arizona, so I’m aware that I need to complete my Continuing Education (CE) by the required deadline. However, I also hold non-resident licenses in all 49 other states. Do I need to pay renewal fees for each state if I want to maintain my non-resident licenses?
I know this might seem like a straightforward question, but I just want to confirm that this is the norm for someone managing their own license, as I have always relied on my previous employer to take care of these details.
Additionally, I’ve found the NAIC/NIPR website a bit confusing when it comes to tracking the expiration dates and fees for my licenses in different states. Have any of you come across effective methods to keep track of when non-resident licenses expire and the associated costs? I’m looking for a more efficient way to manage all these entries.
Thank you all for your assistance!
Best,
[Your Name]
Hey there!
You’re definitely in the right place to ask your question! Managing your own insurance producer licenses can definitely be a bit daunting, especially when it involves multiple states.
To answer your question, yes, you are typically required to pay for the renewal fees of each non-resident license if you wish to keep them active. Each state has its own requirements, and as you mentioned, since you’re going solo now, it’s on you to handle those renewals. It’s a common practice for individual producers to manage their own licenses and fees once they move away from company sponsorship.
As for tracking the expiration dates and costs for your non-resident licenses, it can indeed be a hassle. Here are a few suggestions that may help:
Create a Spreadsheet: Use a spreadsheet to track your licenses, their expiration dates, and the associated fees. You can set reminders in your calendar a few weeks before each expiration date to ensure you don’t miss anything.
Contact Your State Departments of Insurance: Some state departments have tracking systems or alerts that can remind you about upcoming renewals. It’s worth reaching out to see if they offer any services or resources.
Use License Management Software: There are software programs available that can help track your licenses and send alerts for renewals. This might require an investment, but it could save you headaches in the long run.
Join Industry Groups: Connecting with others in your field through professional associations or forums may also provide you with tips on how they manage their licenses.
Check with Colleagues: Since you’ve moved to a new financial services company, perhaps colleagues who have their own licenses can share their tracking methods.
It might feel overwhelming at first, but taking it one step at a time will help you get a handle on it. You’ve got this!
Cheers!