Finance USA

Sep 2 2019

Specialty Insurance License, specialty vehicle insurance.

#Specialty #vehicle #insurance



Specialty Insurance License

В§ 4055 of the Texas Insurance Code authorizes the issuance of specialty insurance licenses to people and businesses whose primary purpose is to provide goods and services in a finance or retail business, but who also offer insurance products in conjunction with the goods and services they sell. Specialty licenses are available for travel agencies, retail businesses that offer credit insurance, rental car companies, telecommunications companies, and self-service storage facilities.

Specialty insurance licenses are designed to be issued to the businesses selling travel, telecommunications, credit, rental car or self-service storage facility insurance, rather than the individual employees who conduct the transaction. The business owner, whether an individual, corporation or partnership, is the specialty license holder. For example, instead of obtaining individual Limited Lines credit licenses for 100 employees, the business entity could obtain a single credit specialty license.

Training

A specialty license holder must have employees attend training before the employees can sell insurance. The materials for the training program must be provided by an insurance company. Insurance companies are required to submit an outline of the training program for approval to:

Licensing Division, MC 107-1A

Texas Department of Insurance

Austin, TX 78714-9104

The training program must be approved by TDI, and must include information on:

Alternatives for Limited Lines Licensing

Limited Lines Agents may sell credit and travel insurance if properly appointed by an insurance company. However, if that licensee is working for a business that holds a specialty license, the individual Limited Lines license is not required. Issuance of a specialty license to a business does not prohibit an employee from obtaining an individual Limited Lines license.

How to Apply

If you wish to apply for a specialty insurance license, please complete and submit an Application for a Specialty Insurance License. The required fees and attachments must be included with your application. You may apply for more than one license authority on the same application. A $50 license fee is required for each authority. Companies and franchises of that company are required to submit separate applications. For example, the EZ Mover Company, Inc. is required to have a specialty license. Brown, Inc. doing business as BrownВґs EZ Mover Company, a franchisee of EZ Mover, Inc., is also required to have a specialty license.

Rules

The Texas Administrative Code contains rules relating to Specialty Licenses. Go to the top of this page, Popular Links, and select Insurance Rules (TAC). The rule is in Part I, Chapter 19, Subchapter T.

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Written by Cosa Nostra


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