Can an insurance company be an LLC?
A limited liability company (LLC) is the right choice for any serious insurance agency owner who is looking to: Protect their personal assets.
What does the NC commissioner of insurance do?
The North Carolina Commissioner of Insurance regulates the insurance industry in North Carolina, licenses insurance professionals in the state, educates consumers about different types of insurance, and handles consumer complaints.
What is a business entity license?
“Business entity” means a corporation, association, partnership, limited liability company, or other legal entity. It shall not include sole proprietor or partnerships in which there is only one licensed insurance producer. What types of entities can be licensed?
Does a limited liability company need insurance?
Employers’ liability insurance is a legal requirement for most limited companies that have employees, contractors, casual workers or temporary staff. Professional indemnity insurance is a vital consideration for all businesses that give advice or offer professional services to other businesses.
Who governs insurance companies in North Carolina?
The NC Department of Insurance
The NC Department of Insurance regulates the insurance industry, licensing insurance professionals and others, educating consumers about different types of insurance, handling consumer complaints, and much more. The Department also houses the Office of State Fire Marshal.
Who is North Carolina’s current insurance commissioner?
Commissioner of Insurance and State Fire Marshal Mike Causey Commissioner Mike Causey’s goal as commissioner is to fight for more competition in the industry and to combat insurance fraud to drive rates lower for the North Carolina consumer.
Do I need a business license to get insurance?
While not every business needs to be licensed or registered, every business needs to be insured. If you’re starting a business that doesn’t require registration, licences or permits, you have as much of a right to insurance as any other business.
What is an active member of a business entity?
Active Member – A member of an agency who holds a valid license and appointment, and is actively involved in the daily activities of the agency.