Individuals and firms in the insurance industry require a license to practice; the requirements differ by state and the type of insurance service offered. Insurance firms and individuals providing services in multiple states must possess a license in each state where they render their services. The European Union has legislation on how Insurance should be distributed within its borders.
Licenses are required to be renewed annually or biennially, depending on the requirements of the state that the services are being offered. Companies that offer more than one insurance-related service may be required to have more than one license. Many states encourage firms and businesses to apply for their licenses through a third-party insurance consulting firm.
KPMG is an independent compliance firm that offers consultancy for many services, such as insurance companies. With an understanding of how hard it is to license a business, KPMG has offered its expertise to businesses worldwide. It helps insurance companies deal with regulatory changes, operational demands, and pressures to prepare for the future.
Compliance24.com offers licensing consults for a wide range of services, including the registration of insurance companies. The licensing process is an uphill and time-consuming task, especially for companies with little or no experience in the area. Compliance24 offers its expertise in preparing documents, filling out the required forms, actual applications, and support provided through the licensing process.
PwC consults for businesses with its team of compliance specialists worldwide. It combines technology, industry, and operational skills with relevant assets to deliver registration and licensing solutions to prospective insurance companies.