June 29, 2012
In accordance with Ohio’s new licensing laws, House Bill 300, which went into effect on January 1, 2011, all OHIO RESIDENT BUSINESS ENTITIES that hold a major line, limited line and/or title insurance license are required to renew their license(s) by SEPTEMBER 30, 2012.
THE LICENSE RENEWAL PROCESS:
To renew an Ohio resident business entity insurance license, a renewal application MUST be submitted between July 3, 2012 and September 30, 2012. The cost to renew a business entity license is $25. The Department encourages all business entities to submit their application electronically through the National Insurance Producer Registry (NIPR) (www.NIPR.com). A $5 application processing fee will be charged by NIPR. Step-by-step instructions regarding the renewal process can be found under the “Renew my Agent License” tab on ODI’s website (www.insurance.ohio.gov).
CONSEQUENCES ASSOCIATED WITH NON-RENEWAL OF A LICENSE:
If an Ohio resident business entity does not submit a license renewal application by September 30, 2012, the business entity will have a one-month extension period to submit an application. The business entity will be required to pay a $100 extension fee in addition to the $25 renewal fee. Please note, during the one-month extension period, the business entity’s license will remain active.
IF A LICENSE RENEWAL APPLICATION IS NOT SUBMITTED FOR THE OHIO RESIDENT BUSINESS ENTITY BY OCTOBER 31, 2012, THE LICENSE WILL BE SUSPENDED ON NOVEMBER 1, 2012 AND ALL COMPANY APPOINTMENTS WILL BE TERMINATED. ONCE A LICENSE HAS BEEN SUSPENDED, A BUSINESS ENTITY MUST CEASE ALL INSURANCE ACTIVITIES AS THEY ARE NO LONGER ELIGIBLE TO SELL, SOLICIT OR NEGOTIATE INSURANCE IN OHIO.
LICENSE SUSPENSION / REINSTATEMENT INFORMATION:
A license suspended for non-renewal can be reinstated within one year of the original license expiration date. In order for a license to be reinstated, the business entity must submit a renewal application and remit all applicable fees. Renewal applications submitted during the license reinstatement period will be charged a $300 reinstatement fee in addition to the $25 renewal fee.
During the one year license reinstatement period, suspended business entities are not eligible to apply for a new license of the same type. Additionally, Ohio resident business entities that do not reinstate a suspended license on or before September 30, 2013 will be required to undergo the licensing process as a new business entity.
LICENSE SURRENDER OPTION:
If a licensed Ohio insurance business entity no longer wishes to maintain their license(s), they may surrender their license(s) so long as they are in good standing with the Superintendent of Insurance. To surrender the license, an officer of the business entity must submit a letter requesting the surrender of the license. All surrender requests must be received by the Department by September 30, 2012.
HOW TO VIEW / UPDATE AGENT LICENSING INFORMATION:
To view a business entity’s license status and biographical information, please access the “Agent / Agency Locator” located on the Department’s website (www.insurance.ohio.gov).
If the biographical information on file for the business entity is no longer accurate, a notification of Changes for Business Entity CN-65 form (INS3008) should be completed and submitted to the Department. To obtain a copy of the form, please click on the Agent/Agency Services tab on the Department’s website, and select “ODI Forms”
under the Quick Links listing.
Department of Insurance Licensing Division at 614-644-2665.