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Major Lines - Business Entity
Major Lines - Business Entity

Any business entity (corporations, limited liability companies, limited liabilities partnerships, general partnerships) conducting the business of insurance in Ohio, must be licensed by the Ohio Department of Insurance. A person is considered a business entity if they operate under a Federal Tax Identification Number (FEIN) instead of a personal Social Security Number (SSN). 

Lines of Authority for Major Lines License issued by the Ohio Department of Insurance:

  1. Accident & Health: Insurance coverage for sickness, bodily injury, or accidental death, and may include benefits for disability income.
  2. Casualty: Insurance coverage against legal liability, including coverage for death, injury, or disability or damage to real or personal property.
  3. Life: Insurance coverage on human lives, including benefits of endowment and annuities, and may include benefits in the event of death or dismemberment by accident and benefits for disability income.
  4. Personal: Is property & casualty insurance coverage sold to individuals and families for noncommercial purposes.
  5. Property:  Insurance coverage for the direct or consequential loss or damage to property of any kind.
  6. Variable Life and Variable Annuity Products: Insurance coverage provided under variable life insurance contracts and variable annuities.

Resident

An Ohio resident agency is a business entity authorized to do business in Ohio and is either domiciled in Ohio or maintains its principal place of business in Ohio.

Initial Application

An appointment is not required at time of application, but is required in order to sell, solicit, or negotiate policies/information for a company.

Renewal Application

Business entities are required to renew every two years by September 30th.  Resident business entity licenses expire on September 30th of even numbered years. At least 30 days prior to the license expiration date, the department will send a courtesy reminder to the license holder’s mailing address. Regardless of the reminder notice being received, all license holders are responsible for renewing their license(s) by their license expiration date.  

To view your licensing record and verify your license expiration date, we encourage you to utilize the department’s Agent/Agency Locator.

Securities Registration for Variable Insurance Products

The Securities and Exchange Commission considers variable products (variable annuities and variable life insurance) to be securities. Variable products and those who sell them are subject to federal regulations as well as to state insurance regulations.  Securities requirements of broker/dealer firms and registered representatives selling variable products are in addition to, and not instead of, insurance department requirements.  Registered representatives who sell variable products must be dually licensed/registered to sell securities products and licensed to sell insurance products.
Insurance Licensing Requirements For Variable Annuity Products:

In order to sell variable annuity products in Ohio, agents must be licensed with a variable products qualification. Ohio’s agent licensing laws do not make a distinction between group and individual variable products.

Any applicant applying for variable life/variable annuity line of authority must be registered with the financial industry regulatory authority (FINRA) as a registered representative after having passed at least one of the following examinations administered by the FINRA: the series 6 examination, the series 7 examination, the series 63 examination, the series 66 examination.

Ohio Administrative Code (“O.A.C.”) section 3901-6-02(K) provides that an agent may not solicit an offer to buy or a sale of life insurance in correlation with the sale of shares of a mutual fund or other security unless he is licensed and appointed as a life insurance agent and is also licensed to sell securities by the Ohio Department of Commerce, Division of Securities in accordance with Chapter 1707 of the Ohio Revised Code. Whether an Ohio securities license is necessary depends upon the specifics of the product being sold – if it is a registered security or a life insurance product being solicited or sold in correlation with a mutual fund or other security.

Non-Resident

An Ohio non-resident agency is a business entity authorized to do business in Ohio that maintains a resident licence in good standing in its home state for the same lines of authority held in Ohio. 

Initial Application

An appointment is not required at time of application, but is required in order to sell, solicit, or negotiate policies/information for a company.

Renewal Application

Business entities are required to renew every two years by September 30th. Non-Resident business entity licenses expire on September 30th of odd numbered years. At least 30 days prior to the license expiration date, the department will send a courtesy reminder to the license holder’s mailing address. Regardless of the reminder notice being received, all license holders are responsible for renewing their license(s) by their license expiration date.  

To view your licensing record and verify your license expiration date, we encourage you to utilize the department’s Agent/Agency Locator.

Securities Registration for Variable Insurance Products

The Securities and Exchange Commission considers variable products (variable annuities and variable life insurance) to be securities. Variable products and those who sell them are subject to federal regulations as well as to state insurance regulations.  Securities requirements of broker/dealer firms and registered representatives selling variable products are in addition to, and not instead of, insurance department requirements.  Registered representatives who sell variable products must be dually licensed/registered to sell securities products and licensed to sell insurance products.
Insurance Licensing Requirements For Variable Annuity Products:

In order to sell variable annuity products in Ohio, agents must be licensed with a variable products qualification. Ohio’s agent licensing laws do not make a distinction between group and individual variable products.

Any applicant applying for variable life/variable annuity line of authority must be registered with the financial industry regulatory authority (FINRA) as a registered representative after having passed at least one of the following examinations administered by the FINRA: the series 6 examination, the series 7 examination, the series 63 examination, the series 66 examination.

Ohio Administrative Code (“O.A.C.”) section 3901-6-02(K) provides that an agent may not solicit an offer to buy or a sale of life insurance in correlation with the sale of shares of a mutual fund or other security unless he is licensed and appointed as a life insurance agent and is also licensed to sell securities by the Ohio Department of Commerce, Division of Securities in accordance with Chapter 1707 of the Ohio Revised Code. Whether an Ohio securities license is necessary depends upon the specifics of the product being sold – if it is a registered security or a life insurance product being solicited or sold in correlation with a mutual fund or other security.