Does a business entity need to be licensed and appointed in North Dakota?
If a business entity (agency) is doing insurance business in North Dakota by contracting with an insurance company to do business here and/or using the business name to market insurance in North Dakota, the entity must be licensed as an insurance producer. An appointment by the insurer is necessary if the business entity is marketing insurance for the insurer and acting as an agent of the insurer.
How do I add a DBA to a business entity license?
Before a licensed business entity insurance producer can use a DBA or assumed name in North Dakota, the name must first be registered with the North Dakota Secretary of State's Office and then the insurance producer must inform our office in writing of their intent to use the assumed name.
Does the named designated producer of a business entity have to be an officer or director of the business entity?
No. The individual is not required to be an officer or director of the business entity; however, he/she must be licensed as an insurance producer in North Dakota.
Can more than one producer be named as a designated producer for lines of authority requested on a business entity license?
More than one producer may be designated. None of the designated producers need to have all of the lines of authority that are on the business entity license; however, the business entity cannot hold a line of authority unless at least one of its designated responsible individuals has the line on their North Dakota license.
How do I change the designated producer on a business entity license?
If the designated licensed responsible producer has not been named on the business entity application, the North Dakota Insurance Department must be notified in writing by email (email@example.com), fax (701-328-4880), or regular mail. Include the business entity name and FEIN or North Dakota license number and the name and NPN of the producer you are adding or deleting. North Dakota does not have a specific form to name a designated responsible producer.
Why doesn’t my business entity insurance producer license have an expiration date?
When issued, North Dakota non-resident business entity insurance producer licenses are perpetual without any renewal or continuation as long as the entity: 1) has at least one designated responsible individual producer who holds an active North Dakota insurance producer license for the lines of authority on the business entity license and 2) maintains its resident insurance producer license (if its home state issues insurance producer licenses to business entities) and 3) notifies the commissioner of any change of address regarding the business entity. (N.D.C.C. § 188.8.131.52 requires that within 30 days of address change the commissioner is to be notified).