How do I Obtain a Life Insurance License in Kentucky?
Getting your license to sell life insurance in Kentucky is a detailed process. Most of the steps can be completed online, and depending on how quickly you can provide the required paperwork, you can have your license within a matter of weeks.
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Things You'll Need
- Residents:
- Certificate of completion from a 20-hour pre-licensing course
- Criminal background check
- Online application for insurance license
- Proof of financial responsibility
- Credit card or checking account
- Nonresident:
- Copy of your license from you home state
Instructions
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Complete a 20 hour pre-licensing course in life insurance if you are a Kentucky resident. You will receive a certificate of completion at the end of the course that can be faxed or e-mailed to the Department of Insurance (DOI).
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Visit the website for the Administrative Office of Courts (AOC) to apply for a criminal background report (see Resources). If you have an account with the AOC, log in. If you do not, click on register to create an account. Select AOC Fast Check, then Add a New Batch. In the menu for category, select Licensing, and Department of Insurance for Group. Select License for the Reason. Pay the $15 fee (as of September 2010). Your report will be sent directly to the DOI.
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Go to the website for the National Insurance Producers Registry (see Resources). Click on Initial License Application under Resident on the left hand side of the page. Complete the application and pay the fee. The NIPR charges an additional $5 fee for processing.
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Provide proof of financial responsibility. You need to prove that you have coverage of at least $20,000/per occurrence or $100,000/ lifetime to cover any liability you may incur as a result of doing business. You can do this by filing one of the following forms:
Form 99-1: Proof of an Errors and Omissions Policy. You can fax or e-mail this form.
Form 99-2: Letter of credit of at least $20,000 from your bank. Your bank can provide this form.
Form 99-3: Proof of a surety bond. The original form must be mailed to the DOI.
Form 99-6: Proof that your employer, and insurance company, is taking financial responsibility.
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Create an account on the DOI's e-services website to track your status (see Resources). Go to the site and click on First Time Here to create an account.
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Tips & Warnings
Resident applicants can take the exam without filing proof of financial responsibility, but the application will be considered pending until the requirements are met.
To get a nonresident life insurance license in Kentucky, you must hold a valid life insurance license in your home state. Go to the National Insurance Producers Registry Website, and click on Initial License applicant under the Non-Resident tab on the left side of the page. Complete the application and pay the fee. Nonresident applicants are not required to file proof of financial responsibility or complete continuing education requirements.
References
Resources
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