What is the difference between agency registration and agency licensure?
Registration – A registration is offered to agencies that qualify as one of the following: • An incorporated agency whose voting shares is traded on a securities exchange • An agency whose primary function is offering insurance as a service or member benefit to members of a nonprofit organization • An agency subject to supervision and inspection as a branch office under the rules of the NASD A registration is perpetual (not renewed). A registered agency is not subject to compulsory or discretionary refusal, suspension, or revocation as described in Florida Statutes 626.6115 and 626.6215. However, if any of the principals of the registered agency are found to have violated any part of the insurance code, the agency must obtain an agency license. Licensure – A license is required for agencies that do not meet the criteria listed above for registration. A licensed agency is subject to compulsory or discretionary refusal, suspension, or revocation as described in Florida Statutes 626.6115
Registration – A registration is offered to agencies that qualify as one of the following: • An incorporated agency whose voting shares are traded on a securities exchange • An agency whose primary function is offering insurance as a service or member benefit to members of a nonprofit organization • An agency subject to supervision and inspection as a branch office under the rules of the NASD A registration is perpetual (not renewed). A registered agency is not subject to compulsory or discretionary refusal, suspension, or revocation as described in Florida Statutes 626.6115 and 626.6215. However, if any of the principals of the registered agency are found to have violated any part of the insurance code, the agency must obtain an agency license. Licensure – A license is required for agencies that do not meet the criteria listed above for registration. A licensed agency is subject to compulsory or discretionary refusal, suspension, or revocation as described in Florida Statutes 626.6115
