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All licenses expire on a predetermined schedule regardless of the date of issuance. If you are licensed late in a license period, you may elect to have your license issued effective May 1. If so, you cannot begin transacting insurance business until May 1. If you elect to have your license issued effective near the end of a license period, your license will expire on April 30, and you will be required to renew the license for the new license period, which begins May 1. You will receive a renewal notice from the Department at east 30 days prior to the renewal filing date. The renewal form must be completed and returned to the Department before the required filing date, which will be listed in the upper lefthand corner of the application. A $25 penalty fee is assessed for each application received after the filing date. A new license is NOT issued upon renewal.
These licenses expire on April 30 every year. To avoid applying for license reinstatement, all surplus lines broker renewals must be filed by May 1 every year, along with the appropriate forms and fees. If a qualified individual is merely listed as a countersigning agent on a firm renewal, a separate renewal application and fee is not needed.
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.