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What Are The Rules And Regulations Regarding Partnerships And Corporations?

  • Corporations engaging in insurance activities must be licensed as corporate agents.

  • Application Form AL­70C http://www.aldoi.org/iView/page.cfm?view=52 must be completed and accompanied with a $50 fee per line of insurance.

  • The Articles of Incorporation must be filed along with Form AL­70C and must contain language indicating that one of the purposes for forming the corporation was to engage in insurance activities.

  • Form AL­20C http://www.aldoi.org/iView/page.cfm?view=52 along with a $7.50 fee, must be filed for each person employed by the corporation and engaged in insurance activities.

  • Corporations will be licensed to sell life lines, such as life disability, credit life, credit disability and variable annuities or property and casualty which includes comprehensive property and casualty, auto full coverage, auto physical damage, physical damage or household goods, credit property and bail bonds.

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This article is intended to be helpful and informative. But even common legal matters can become complex and stressful. A qualified insurance lawyer can address your particular legal needs, explain the law, and represent you in court. Take the first step now and contact a local insurance attorney to discuss your specific legal situation.

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