A "firm" means a corporation, association, partnership, limited liability company, limited liability partnership, or other legal entity.
Wisconsin does not require a firm to hold a license*. A firm has no authority to transact insurance business in our statethe authority to transact insurance business lies with the individual licensee. Each individual selling, soliciting, or negotiating the placement of insurance products is required to hold an individual intermediary (agent) license and must be appointed by an insurance carrier.
A firm may obtain an insurance intermediary firm license by applying online on Sircon at www.sircon.com or NIPR at www.nipr.com. The firm must designate a licensed producer responsible for the firm's compliance with the insurance laws, rules and regulations of this state.
The firm is subject to the recordkeeping requirements under the provisions of s. Ins 6.61, Wis. Adm. Code, regarding intermediary records.
|*||Required Registration with the Wisconsin Department of Financial Institutions|
The Corporation Section of the Division of Corporate & Consumer Services at the Department of Financial Institutions is the filing office for the organizational instruments to create corporations, limited partnerships, limited liability partnerships, and limited liability companies, as well as documents to amend those charters in some respect or other. The unit also licenses foreign (out-of-state) organizations desiring to transact business in Wisconsin. To contact the Corporations Division by telephone, please call (608) 261-7577.
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An agent can assign his or her commissions to a firm. However, an agent cannot share his or her commission unless it complies with s. 628.61, Wis. Stat. No agent or insurer may pay any consideration, nor reimburse out-of-pocket expenses, to any natural person for services performed within this state as an agent if he or she knows or should know that the payee is not licensed under ss. 628.04 or 628.09, Wis. Stat.[Back to Top]
Reinsurance intermediary firms are required to hold a license. An individual is not required to be licensed as a reinsurance intermediary-broker if the individual is a member or employee of a firm or association licensed as a reinsurance intermediary or is an officer, director or employee of a corporation licensed as an intermediary. The individual must hold an individual intermediary license.
For more information refer to Reinsurance Intermediary.[Back to Top]
MGA firms are required to hold a license. Individual agents must hold an individual intermediary license and an individual Managing General Agent license prior to applying for a MGA firm license.
Wisconsin law defines managing general agent as any natural person, who, in or outside this state:
- Manages all or part of the insurance business of an insurer or manages a separate division, department or underwriting office;
- Acts as an agent for the insurer; and
- With or without the authority, either separately or together with affiliates, directly or indirectly:
- Produces and underwrites in any one quarter or year an amount of gross direct written premium equal to or more than 5% of the policyholder surplus as reported in the last annual statement of the insurer; and
- Adjusts or pays claims in any one quarter or year in excess of 3% of the policyholder surplus as reported in the last annual statement of the insurer, or negotiates reinsurance on behalf of the insurer, or both.
For more information refer to ch. Ins 42, Wis. Adm. Code.[Back to Top]
Each insurance intermediary firm shall notify the Office of the Commissioner of Insurance within 30 days of any change in its business mailing address, location of business records, or a change in name and address of the designated representative.
An agent or firm can submit an address change or name change to firstname.lastname@example.org. Telephone requests for name or address changes of are not accepted.