by John Darer CLU ChFC MSSC CeFT CLTC
Its incredible that in this day and age that certain insurance agents or brokers operate in certain states without the proper licensing and people do business with them not knowing this
Some states not only require an agent's license but also require an agent to be appointed by the insurance company issuing the product being sold. For example the New York State Insurance Department has made it clear in a number of advisory opinions including one which I obtained on 02/23/2005 . In New York you have to be an agent appointed by the carrier, or hold a license as a life broker.
This afternoon I received a copy of an alert purportedly sent out to attorney clients and prospects of this person by someone holding themselves out to be a structured settlement broker ( which implies in part a licensed insurance salesperson). A corporation is listed on the alert including both a New York and Florida address. This corporation does not come up as being registered with the Florida Secretary of State on its web site and while the agent/broker in question shows an insurance license on the Florida Department of Insurance website the individual is not shown as being appointed by any carriers. How long has this person been operating in Florida without these credentials?
Can this person legally give advice to you? What are the ramifications to you or your client if something goes wrong?
Attorneys are you checking the credentials of your structured settlement broker, insurance agent or stock broker?
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