Can I be licensed as an agent with various insurance companies but have commissions paid toan LLC without being an owner in the LLC?
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Can I be licensed as an agent with various insurance companies but have commissions paid toan LLC without being an owner in the LLC?
We are setting up an LLC with my wife as the owner. I am going to be selling life insurance and annuities.
Asked on July 26, 2011 Florida
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
Most likely the answer would be "no" to your question. You need to contact the Department of Insurance in your state of Florida for the definitive answer in that most states in this country require that the licensed person fror whom insurance is being placed through and who is ultimately responsible for the licensing requirements has to have an ownership interest in the entity through whom the insurance is being placed.
Such a requirement helps eliminate "rented brokers" for an insurance brokerage where the licensee is actually on site and available to personally review the individual placement of insurance and oversee day to day operations of the business that the licensee has a personal stake in.
I suggest you be listed as having an ownership stake in the limited liability company that is being set up.
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