Q&A: I want to create an auto liability insurance agency. What do I need to do for this to be legal?
March 4, 2012 Categories: Insurance
kurtis.welch Asked:
I want to create an auto liability insurance agency. What do I need to do for this to be legal?
I want to know what kind of steps / paperwork I need to do to make a legal auto insurance agency. Not sure if it matters, but the bureau will be in Texas for Texas drivers.
Best answer:
Answer by Mark P
Well, you could begin by hiring a corporate attorney familiar with Texas insurance law.
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Holy crap. This is a HUGE undertaking, as insurance is a highly regulated industry. You’ll have to incorporate, acquire assets (to show the regulators that you can pay judgements) file thousands of pieces of paper, get approval by the Insurance Division or other regulatory agency in every state in which you wish to offer insurance, market, hire staff, adjusters, accountants, mathematicians, …