What are the responsibilities of a sponsoring insurer?
A sponsoring insurer assumes responsibility for all acts of the temporary licensee.
The sponsoring insurer must be authorized to write for the line of insurance the producer is applying for.
This temporary appointment will coincide with the duration of the temporary license.
The sponsoring insurer must maintain a record of all producers operating under a temporary license and business transacted by them.
The appointment of a sponsoring insurer will be the only appointment that is permitted for a temporary producer licensee.
The sponsoring insurer must assure that the temporarily licensed producers’ sales activities and training are coordinated by a licensed insurance producer in good standing with DIFS or where applicable, a FINRA-licensed registered principal.