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.

License Renewal Process:

A renewal application must be submitted between July 3, 2012 and September 30, 2012 along with the $25 renewal fee. The Department encourages all business entities to submit their application electronically through the National Insurance Producer Registry  at www.NIPR.com. A $5 application processing fee will be charged by NIPR. Renewal instructions can be found under the “Renew my Agent License” tab at www.insurance.ohio.gov.

Consequences Of Non-Renewal:

The business entity will have a one-month extension period to submit an application and will be required to pay a $100 extension fee in addition to the $25 renewal fee.

The license will be suspended on November 1, 2012 and all company appointments will be terminated if the renewal application is not submitted by October 31, 2012.  A business entity must cease all insurance activities and may no longer sell, solicit or negotiate insurance in Ohio once the license has been suspended.

License Reinstatement Information:

A license suspended for non-renewal can be reinstated within one year of the original license expiration date. The business entity must submit a renewal application and pay a $300 reinstatement fee plus the $25 renewal fee.

Suspended business entities are not eligible to apply for a new license of the same type during the one-year license reinstatement period. 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.

 Update Licensing Information:

To view the business entity’s license status and biographical information, go to the “Agent / Agency Locator” located on the Department’s website (www.insurance.ohio.gov).  To update the information on file, submit a completed the Notification of Changes for Business Entity CN-65 form (INS3008) to the Department. To obtain a copy of the form, click on the Agent/Agency Services tab on the Department’s website, and select “ODI Forms” under the Quick Links listing.

Questions:

Contact the Ohio Department of Insurance Licensing Division at 614-644-2665 or visit the Department’s website at www.insurance.ohio.gov for further information.

The insurance licensing information provided on this blog is not legal advice and the reader is advised to consult an attorney regarding application of this information in any particular situation.

This information is brought to you by Supportive Insurance Services… Licensing Experts Saving You Time and Money!