Ep. 08: Compliance in the Age of the Internet

Paul Buse is the President of Big “I” Advantage, the holding company for the for-profit operations of the Independent Insurance Agents & Brokers of America (IIABA), the largest insurance agent trade association in the United States. Paul is an insurance professional with experience in alternative distribution of insurance risk financing approaches and program business. He specializes in insurance liability, property and casualty, distribution, and product design among other functions.

Paul joins me today to share his knowledge on what it means to be a licensed agent, the effects of technology on licensing laws, and why it’s important to know the difference between admitted and nonadmitted businesses. He also covers topics on different state laws on licensing fees and taxes, as well as the problems encountered by producers when doing business in different states.

 “As soon as you put something on the internet, someone from anywhere could come across that and then ask you to place coverage for them.” – Paul Buse

Today on Spot On Insurance: 

Serving across state lines once you start conducting business online. Issues producers face when they cross state lines to do business. Ways states collect licensing fees and taxes. Has technology changed the way fees and taxes are enforced? The negative effect of the internet on licensing laws, regulations, and statutes. How careful you should be when it comes to licensing and commissions. Difference between admitted business and non-admitted business. How do you find out if a business is admitted or non-admitted?

  Key Takeaway:

Insurance is regulated on a state by state basis. Know what you're selling and know the intermediate you're dealing with.

Connect with Paul Buse

 Website: Independent Insurance Agents & Brokers of America

 This episode was brought to you by…

Spot On Insurance is brought to you by Insurance Licensing Services of America (ILSA), America’s Premier Insurance Licensing experts. To learn more about ILSA and their services, visit ILSAinc.com.

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