How do I surrender my insurance agency?

Asked by: Clementina Brakus  |  Last update: September 28, 2022
Score: 4.8/5 (40 votes)

Closing An Insurance Agency
  1. Contact the insurance companies. ...
  2. Notify your premium finance companies. ...
  3. Surrender your agency license. ...
  4. File a change of agent in charge. ...
  5. Submit a change in address. ...
  6. Post office. ...
  7. Contact your customers. ...
  8. Bank accounts.

Why do so many insurance agents quit?

Most agents quit because they can't get enough sales to support themselves and their families. The only way to change that is to learn how to get more leads, better leads, and follow up on them. People go on fact-finding missions online. They don't care who answers their question, as long as they get answers.

Can you change the agent of insurance?

If you are not happy with the services of your insurance agent, you can change your health insurance agent at the time of renewal. All that is to be done is to inform your insurer about the new agent via a written letter along with your renewal cheque at the time of renewing your policy.

How do I cancel my California insurance license?

How do I cancel or surrender my license? To cancel or surrender your license complete the License Cancellation Request Form LIC CC2. You may submit this form by emailing the completed form to or by fax to (916) 327-6907.

How do I surrender my Florida insurance license?

To voluntarily surrender your license, please log in to your MyProfile account. You will need to terminate your appointments first then you may surrender your license(s). Alternatively, you may send a letter to the Bureau of Licensing stating that you wish to surrender your license.

Tips to Sell Your Insurance Agency

16 related questions found

How do I cancel my insurance agent license?

For canceling IRDA license you have to contact the particular insurance company. Meet the Branch Manager who got you the license. Just give a written application to them that you want to cancel your IRDA license. Get the letter signed and stamped by the concerned authority .

What is twisting in the insurance industry?

Twisting — the act of inducing or attempting to induce a policy owner to drop an existing life insurance policy and to take another policy that is substantially the same kind by using misrepresentations or incomplete comparisons of the advantages and disadvantages of the two policies.

How do I contact California Department of Insurance?

If you need further assistance, please call CDI's Licensing Hotline at (800) 967-9331. The Licensing Hotline is available Monday through Friday, 7:00 a.m. to 5:00 p.m., excluding State Holidays.

Is California a reciprocal state for insurance license?

License Information

California is reciprocal with other states for non-resident licensing of public insurance adjusters. Consequently, non-resident applicants are not required to take the qualifying exam.

How do I reinstate my California insurance license?

To submit a paper renewal, use the Application to Renew Individual License form LIC 448-29A and complete the following steps:
  1. Complete all continuing education requirements (if applicable).
  2. Answer the two questions stated on the renewal application.
  3. Pay the original renewal fee plus a 50 license reinstatement fee.

How do I transfer insurance agency from one company to another?

Now, insurance agents can easily shift from one insurance company to another. To do so, all they need to do is surrender their agency license with the existing insurer. The insurance company will issue a cessation certificate within 15 days from the date of surrender of agency license.

How do I change my insurance agent in the same company?

Here's how agents can switch insurance companies
  1. You first need to surrender your agency license with the existing insurance company and return the appointment letter and identity card issued by the current insurer.
  2. After submitting these documents, you will receive a cessation certificate (a kind of relieving letter).

Can you switch agents within the same insurance company?

If you are staying with the same carrier, you can switch agents at any time and transfer your policy to the new agent. If you're switching companies, you can usually cancel your policy at any time. However, some types of insurance policies can have cancellation fees.

What type of insurance agent makes the most money?

Overview of the Insurance Field

While there are many kinds of insurance (ranging from auto insurance to health insurance), the most lucrative career in the insurance field is for those selling life insurance.

Why do insurance agents earn so much?

Because the amount of money insurance agents earn is comprised largely of commissions and bonuses, the number of sales an insurance agent makes is the biggest factor that contributes to the disparity between the highest and lowest paid of insurance agents.

Do most insurance agents fail?

Chris Burand, president of Burand & Associates, an insurance agency consulting firm, estimates that the new producer failure rate is as high as 70% to 80%. Other estimates have pegged failure rates for new agents as high as 50%.

Can I transfer my insurance license to Florida?

(1) An individual licensed in good standing in another state may apply to the department to have the license transferred to this state to obtain a resident agent or all-lines adjuster license for the same lines of authority covered by the license in the other state.

What states have reciprocity with California insurance license?

  • Alabama.
  • Delaware.
  • Puerto Rico.
  • Wyoming.

Can I transfer my insurance license to Georgia?

Waiver of pre-licensing course and examination can be granted if you are licensed for these same lines in your previous home state; that state license must be active at the time you move to Georgia, you must attach original clearance letter from your prior home state, and you must apply for licensure within 90 days of ...

How do I contact the California insurance commissioner?

Consumers who feel they have been treated unfairly by an insurance company, agent or any licensee, are urged to contact the Department's toll-free Consumer Hotline at (800) 927-4357 or visit our web site:

Who regulates insurance companies in California?

In California, health insurance is regulated by the California Department of Insurance (CDI). Our mission is to protect consumers, foster a vibrant and stable insurance marketplace, and enforce laws related to health insurance and the health insurance code fairly and impartially.

What is insurance redlining?

Homeowners insurance “redlining” is a form of discrimination in which an insurance company or agent treats homeowners differently because of the race or national origin of residents in the neighborhood where their home is located.

What does Defamation mean in insurance?

Defamation — any written or oral communication about a person or thing that is both untrue and unfavorable. Media liability and general liability policies typically provide coverage for claims alleging defamation (although general liability policies exclude such coverage for insureds engaged in media businesses).

What are unfair claims practices?

An unfair claims practice is what happens when an insurer tries to delay, avoid, or reduce the size of a claim that is due to be paid out to an insured party. Insurers that do this are trying to reduce costs or delay payments to insured parties, and are often engaging in practices that are illegal.