Business Entity Requirements

Producer Requirements - (Business Entities)

Definition

A corporation, association, partnership, limited liability company, limited liability partnership, or other legal entity.

Initial Licensing Process

A business entity engaging in insurance activities must be licensed as a producer.
Effective 9/29/2008, apply online thru www.nipr.com for a fee of $120.00. Visa, Mastercard, and American Express payments will be accepted. A small transaction fee, which is 3.5% of your total fee, will be charged to your credit card. NIPR FEES ARE NON-REFUNDABLE.
Domestic and foreign business entities must be registered with the Alabama Secretary of State. (Phone number is 334-242-5324, and web address is www.sos.state.al.us).
Business entities can be licensed for any and all lines of authority for which at least one designated responsible producer acting on behalf of the business entity is qualified and licensed.
Name changes must be submitted with a new Certificate of Existence from the Alabama Secretary of State.
To change a designated producer, go to www.nipr.com .
To terminate a business entity license, a letter must be submitted to the Department of Insurance stating the name of the business, license number, and the date of termination.

Business Entity Renewal Process

Business entity licenses are continuous subject to payment of license renewal fee. Beginning in 2008 and every other year thereafter, business entities' licenses will renew for two years for a license renewal fee of $100.

NOTE: No attachments are required for license renewal.

FOR LICENSES PREVIOUSLY RENEWED OR NEWLY ISSUED BEFORE OCTOBER 1:

On or about October 1 of each year, a renewal notice is sent to all business entities subject to renewal.
Mandatory online renewal with $100.00 renewal fee are due by November 15.
For those entities who are not able to renew online, download Uniform Application for Business Entity Insurance License Renewal/Continuation Form and mail with check of $100 to:
Alabama Dept. of Insurance
P O Box 303351
Montgomery, AL 36130-3351
If renewal process is not completed online by November 15, a late fee of $50.00 will also be due, for a TOTAL AMOUNT DUE of $150.00.
Business Entity licenses will expire on December 31 if TOTAL AMOUNT DUE is not received by that date.
If your license expires, you must reapply online at www.nipr.com with applicable fee.

FOR LICENSES NEWLY ISSUED BETWEEN OCTOBER 1 AND DECEMBER 31:

On or about January 2 of each year, a supplemental renewal notice is sent to all business entities subject to renewal.
Renewal process with $100.00 renewal fee must be completed online by February 15.
Business Entity licenses will expire effective December 31 if renewal process is not completed online by February 15.
If your license expires, you must reapply online thru NIPR with applicable fee.

Fees

Application Fee - $20
License Fee - $100
TOTAL INITIAL FEES - $120
Biennial License Renewal Fee - $100
Notice of Appointment Fee - $30
Appointment Renewal Fee - $10

Visa, Mastercard, and American Express payments will be accepted. A small transaction fee, which is 3.5% of your total fee, will be charged to your credit card.

NIPR FEES ARE NON-REFUNDABLE.

November 07, 2009