Regulatory Licensing

In most of the 50 United States and the District of Columbia, a license is required to conduct the business of insurance premium financing. The process of securing a license to conduct this business in a particular state involves identifying the proper regulatory body, evaluating the requirements for licensure (minimum capital, physical offices, background checks, etc..) securing and completing the forms required for submitting a completed application for license, among other steps.  Once an application is submitted there must be adequate follow-up because often times the licensing process can be unnecessarily or unknowingly delayed due to poor and untimely communication between the applicant and the regulatory agency.

Typically, existing premium finance companies looking to expand their geographic coverage area or new premium finance companies that need to secure their initial licenses either embark on the licensing process themselves or they hire outside counsel to secure the license. Each of these options has a downside, the former being time and lack of necessary expertise to secure timely issuance and the latter being cost.  Moreover, unless proper counsel is chosen, the same lack of expertise can lead to delays or rejected applications.

Input 1 has secured premium finance licenses for our clients in every state in the United States where licensing is required.  As a result, we have a familiarity with how specific regulatory agencies prefer to have license applications prepared and what exhibits must accompany those applications.  Input 1 understands the need for diligent follow up with the licensing divisions of the regulatory agencies in order to secure the timely issuance of a license. 

If you would like to learn more about how we can help you secure a premium finance license for your business, please contact us.

California Office Hosting

California is the only state in the Union that requires a physical office within the state in order to maintain a license to conduct the business of insurance premium financing.

For companies that want to secure a license in California but do not have or wish to establish an office in the State, Input 1 provides a service whereby the license can be displayed and records of the California operation can be held as required by statute. Depending on the level of service required, Input 1 can host audits by the California Department of Financial Institutions, maintain corporate books and records, receive walk-in payments and other correspondence pertaining to California borrowers.