not-so-frequently asked questions regarding compliance
We don’t mean to beat a dead horse, but we can’t stress enough, the importance of compliance in the insurance industry. Many businesses fall short because they fail to invest the time in learning the many details of the Department of Insurance’s various rules and regulations. We don’t fully blame them- there’s so much to know, especially when you have facilities in multiple states, each state with its own DOI and own set of requirements. We’ve complied a brief list of questions many owners find themselves asking, or might not even know they should be asking. You’ll quickly discover that having sage take care of your compliance needs, is a huge asset.
Yes. In the state of Texas, a certificate of filing must be obtained from the Secretary of State. In addition, the franchise tax statement must be submitted with the license application.
Errors & omissions insurance is essentially professional liability overage that protects you, should any of your employees make any mistakes or fail to properly file claims on behalf of your tenants. E&O is required in several states like California, but not in others, like Texas.
The short answer, no. In California, each facility offering insurance must hold its own license. In Texas, however, a management company may hold a master license and at additional facilities to the license by filing a LDTL (License Division Trade Name/Location) registration form.
Licenses are renewed every two years, and can be done so online at www.nipr.com or at www.sircon.com. The renewal period varies by state, and notifications are sent out accordingly. For example, in Texas, renewal applications are not accepted any earlier than 57 days prior to expiration date, and late renewals are not granted after 89 days past the expiration date.
Yes. In California, employees are required to successfully complete training that includes specific training elements, outlined in detail under California Insurance Code Section (CIC)1758.72-76, before offering insurance at that facility. Sage provides training that meets all of the outlined requirements.
Yes. We provide marketing materials, not only to help your team sell the insurance program, but to ensure that you comply with mandatory regulations. The Department of Insurance requires that each facility displays some form of media that clearly outlines the coverages of the insurance program offered.
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claims + compliance
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