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This section explains the various types of producer licenses available, the procedures and educational requirements necessary to apply, and all the licensing laws impacting those licenses.
An insurance producer is any individual, corporation, association, partnership, limited liability company, limited liability partnership or legal entity required to be licensed under the laws of Indiana to sell, solicit or negotiate insurance.
A surplus lines insurance producer is any individual, corporation, association, partnership, limited liability company, limited liability partnership or other legal entity who or which sells, solicits, negotiates or procures insurance business from an insurance company not licensed to transact business in Indiana. The insurance policy must be one that cannot be procured from insurers licensed to do business in Indiana. Any applicant for a surplus lines producer license must file with IDOI.
A limited lines producer is an individual corporation, association, partnership, limited liability company, limited liability partnership, or other legal entity which sells, solicits or negotiates one of the following limited lines: travel accident, travel baggage, prearranged funeral, crop hail, credit, title, or similar limited lines allowed by the Commissioner.
A Limited Lines Credit Producer is an individual whose duties only include selling, soliciting or negotiation limited lines credit insurance. Each producer must complete an approved program of instruction for Credit Insurance. It is the sponsoring insurer's responsibility to provide the program of instruction and to have the program approved by the Commissioner.
A consultant is an individual, corporation, limited liability company, association, partnership or other legal entity who or which, for a fee holds himself or itself out to the public as engaged in the business of offering any advice, counsel, opinion or service with respect to the benefits, advantages or disadvantages promised under any policy of insurance that could be issued in this state.
Consultants may not continue to hold an insurance producer or limited lines producer license, once licensed as a consultant. No licensed consultant may employ, be employed by, be in a partnership with or receive any remuneration whatsoever from any licensed insurance producer, surplus lines insurance producer, limited lines producer or insurer, except that a consultant may be compensated by an insurer for providing consulting services to the insurer. No consultant license is required for the following:
Prior to rendering any service, a consultant must submit for the commissioner's approval the written agreement intended for use.