Bankruptcy Impact On Agent!

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PostPosted: Fri May 11, 2012 5:00 am   Post subject: BK  

Hello, I am a new insurance agent and its in my best interest to file a BK. Will I lose my series 6 license? Will I not be able to get appointed with other insurance companies? and if no for how long?


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PostPosted: Mon Oct 29, 2012 11:04 am   Post subject: Bankruptcy Impact On Agent!  

If you think that these are the needs of bankruptcy than you should go for it. But first you should make sure that you have filed a bankruptcy or not. In your case, an agent is also involved so you need to consult a lawyer.



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PostPosted: Tue Feb 05, 2013 6:26 pm   Post subject:   

I am in NY I received a agent contract to sell insurance thru a company, sold a insurance poilcy they accepted my sending it in, then they did a credit check and found out I was filing bankruotcy it is probably being dismissed so not a declared bankruptcy and had a low credit rating.Now they say they are canceling my contract but not till after i sent in the policy I sold , then said that my contract was canceled but not till March 7, I wrote the policy in January They are still processing the policy the appliccant needed a Port-a Med visit, the policy is still being looked at.and probably will be issued. Can they cancel my contract after I have been with them and sold a policy.


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PostPosted: Tue Feb 05, 2013 8:11 pm   Post subject:   

Quote:
Can they cancel my contract after I have been with them and sold a policy.


Absolutely! And chargeback any commissions advanced, too.


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PostPosted: Sat Jul 27, 2013 6:15 pm   Post subject: bankruptcy impact on licensed agent  

I just got hired by a large insurance company as a Telesales captive agent to sell health insurance. I'll be assigned to sell in multiple states. I may have no other choice but to file Chapter 7 bankruptcy. Can this cause me to lose my appointment with the insurance company and my license with my home state and non-resident states?


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PostPosted: Sun Jul 28, 2013 6:54 am   Post subject:   

Each insurance company and each state has its own policy concerning matters such as bankruptcy. There is no standard answer to your question. Bankruptcy, from a state regulator's point of view is an integrity issue, and being in personal financial straits could result in violating various laws, including theft of customer funds to pay one's own bills. It is not unreasonable for an insurance commissioner to deny or revoke a license under the premise that it would be "against the public interest" to issue a license to a person who has a bankruptcy. Does this happen often? No.



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PostPosted: Mon Jul 29, 2013 3:46 am   Post subject:   

Thank you for your response


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PostPosted: Mon Sep 16, 2013 1:30 pm   Post subject: Question  

I recently got a job at a with a local agency. I thought I was going to be able to earn my way out of my troubles. This is not looking like it is going to work. If I file BK does it go without saying that the agency I work for will find out pretty quickly? Will the carriers that I am appointed with also find out right away? Will new carriers appoint me? I keep trying to out run the problem, but I am losing hope. It has been going in for quite some time. I can tell you how bad it hurts. I am ashamed and embarrassed. Thank you for any help.


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PostPosted: Mon Sep 16, 2013 2:01 pm   Post subject:   

Quote:
If I file BK . . .
This is a "disclosure" event. You are supposed to let everyone know. Will it cause a permanent problem? It might. It usually does not. But it can result in temporary challenges.



If you fail to make the required notifications, it will definitely cause some problems.


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PostPosted: Mon Nov 17, 2014 8:57 pm   Post subject: Independent Insurance Agency  

I have an agency who owes one of it's carrier's $125,000. They have nor stopped me writing new or renewal business. I do nor know what my future holds with this carrier. What do i need to do? File Bankruptcy before it;s too late?


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PostPosted: Mon Nov 17, 2014 11:35 pm   Post subject:   

Quote:
before it's too late?
Too late for what? Why do you owe so much money to an insurer? Bankruptcy is no laughing matter, and neither is owing 6-figures to an insurance company.

This can cause you to lose all your appointments with other insurers. Bankruptcy may be a solution, but it is also a disclosure event to the Dept of Insurance, and due to the amount involved, could also lead to the loss of your license.


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PostPosted: Thu Dec 18, 2014 3:49 pm   Post subject: New insurance license  

Hello, i just got a license and got a job offer from Allstate agency, they require to fax my credit report before I am officially hired. I am so worry since I have bad credit due to financial hardships in the pass and still issue me today.

I don't know what should I do now, can I still fax my credit report since I know they will find out about my credit history and take back their job offered ?


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PostPosted: Thu Dec 18, 2014 3:49 pm   Post subject: New insurance license  

Hello, i just got a license and got a job offer from Allstate agency, they require to fax my credit report before I am officially hired. I am so worry since I have bad credit due to financial hardships in the pass and still issue me today.

I don't know what should I do now, can I still fax my credit report since I know they will find out about my credit history and take back their job offered ?


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PostPosted: Thu Dec 18, 2014 3:50 pm   Post subject: New insurance license  

Hello, i just got a license and got a job offer from Allstate agency, they require to fax my credit report before I am officially hired. I am so worry since I have bad credit due to financial hardships in the pass and still issue me today.

I don't know what should I do now, can I still fax my credit report since I know they will find out about my credit history and take back their job offered ?


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PostPosted: Thu Dec 18, 2014 3:51 pm   Post subject: New insurance license  

Hello, i just got a license and got a job offer from Allstate agency, they require to fax my credit report before I am officially hired. I am so worry since I have bad credit due to financial hardships in the pass and still issue me today.

I don't know what should I do now, can I still fax my credit report since I know they will find out about my credit history and take back their job offered ?


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