50-State Financial Services Licensing Compliance Guide
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Massachusetts Finance Licensing

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Licenses are typically required for individuals and businesses that provide finance industry services in the United States. This guide contains information about professional finance licensing in Massachusetts.

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Company Licenses

Massachusetts Financial Services Company Licenses

Massachusetts Debt Collector License

Agency:Massachusetts Division of Banks

Initial Registration

Filing Method:

Online through NMLS

Agency Fee:

$1,000 license fee + $300 investigation fee + $36.25 background check fee per owner and control person + $15 credit report fee per control person.

Registration Renewal

Filing Method:

Online through NMLS

Agency Fee:

$1,000

Due:

Annually by December 31.

Massachusetts Insurance Agency License

Agency:Massachusetts Office of Consumer Affairs and Business Regulation

Initial Registration

This section applies to insurance firms that are applying for a license in Massachusetts for the first time.

Agency:Massachusetts Office of Consumer Affairs and Business Regulation
Form:

http://www.mass.gov/ocabr/licensee/license-types/insurance/individual-and-business-entity-licensing/

Agency Fee:

Varies by insurance type. Baseline of $66 per active member

Registration Renewal

This section applies to insurance firms that are already licensed in Massachusetts and need to renew their license.

Agency:Massachusetts Office of Consumer Affairs and Business Regulation
Form:

http://www.mass.gov/ocabr/licensee/license-types/insurance/individual-and-business-entity-licensing/

Agency Fee:

Varies by insurance type. Baseline of $66 per active member

Due:

Annually

Massachusetts Insurance Producer License - Business Entity

Agency:Massachusetts Division of Insurance
Foreign Qualification is Prerequisite:No
Registered Agent (Special Agency) Required?No

Initial Registration

Filing Method:

Online

Agency Fee:

$75

Registration Renewal

Filing Method:

Online

Agency Fee:

$75

Due:

Annually by the date of issuance.

Massachusetts Producer License - Non-Resident

Agency:Massachusetts Office of Consumer Affairs and Business Regulation

Initial Registration

Filing Method:

Online

Agency Fee:

$75

Registration Renewal

Filing Method:

Online

Agency Fee:

$75

Due:

Annually by the date of issuance.

Massachusetts Producer License - Resident

Agency:Massachusetts Office of Consumer Affairs and Business Regulation

Initial Registration

Filing Method:

Online

Agency Fee:

$75

Registration Renewal

Filing Method:

Online

Agency Fee:

$75

Due:

Annually by the date of issuance.

Massachusetts Surplus Lines Broker License - Non-Resident

Agency:Massachusetts Office of Consumer Affairs and Business Regulation

Initial Registration

Filing Method:

Online

Agency Fee:

$150

Registration Renewal

Filing Method:

Online

Agency Fee:

$150

Due:

Annually by the date of issuance.

Massachusetts Surplus Lines Broker License - Resident

Agency:Massachusetts Office of Consumer Affairs and Business Regulation

Initial Registration

Filing Method:

Online

Agency Fee:

$150

Registration Renewal

Filing Method:

Online

Agency Fee:

$150

Due:

Annually by the date of issuance.

Massachusetts Third Party Administrator License

Agency:Massachusetts Division of Insurance
Foreign Qualification is Prerequisite:No
Registered Agent (Special Agency) Required?No

Initial Registration

Form:

TPA Registration Application 

Filing Method:

Mail 

Agency Fee:

$0

Registration Renewal

Form:

TPA Renewal Application 

Filing Method:

Mail

Agency Fee:

$0

Due:

All Third-party Administrators, as a condition of registration, shall submit an
annual report to the Division in a form approved by the Commissioner, no later
than April 1 of each year, for the year ended December 31.

Massachusetts Utilization Review License

Type of Review:

Workers' Compensation Utilization Review

Agency:Massachusetts Department of Industrial Accidents - Office of Health Policy

Registration Renewal

Due:

Biennially by the date of issuance.

Individual Licenses

Massachusetts Individual Financial Services Licenses

Massachusetts Individual Insurance Producer License

Agency:Massachusetts Division of Insurance

Initial Registration

Filing Method:

Online

Agency Fee:

$225 (Applicants applying for casualty, property, and/or personal lines LOAs are charged an additional $75 lead paint surcharge fee.)

Registration Renewal

Filing Method:

Online

Agency Fee:

$225 (Licensees renewing a license with casualty, property, and/or personal lines LOAs are charged an additional $75 lead paint surcharge fee.)

Due:

Triennially by the licensee's date of birth.

Massachusetts Insurance Agent License

Agency:Massachusetts Office of Consumer Affairs and Business Regulation

Initial Registration

This section applies to insurance agents that are applying for a license in Massachusetts for the first time.

Agency Fee:

From $150 to $225 depending on license type

Massachusetts Producer License - Non-Resident

Agency:Massachusetts Office of Consumer Affairs and Business Regulation

Initial Registration

Filing Method:

Online

Agency Fee:

$225

Registration Renewal

Filing Method:

Online

Agency Fee:

$225

Due:

Triennially by the licensee's date of birth.

Massachusetts Producer License - Resident

Agency:Massachusetts Office of Consumer Affairs and Business Regulation

Initial Registration

Filing Method:

Online

Agency Fee:

$225

Registration Renewal

Filing Method:

Online

Agency Fee:

$225

Due:

Triennially by the licensee's date of birth.

Massachusetts Surplus Lines Broker License - Non-Resident

Agency:Massachusetts Office of Consumer Affairs and Business Regulation

Initial Registration

Filing Method:

Online

Agency Fee:

$150

Registration Renewal

Filing Method:

Online

Agency Fee:

$150

Due:

Annually

Massachusetts Surplus Lines Broker License - Resident

Agency:Massachusetts Office of Consumer Affairs and Business Regulation
Exam Required?No

Initial Registration

Filing Method:

Online

Agency Fee:

$150

Registration Renewal

Filing Method:

Online

Agency Fee:

$150

Due:

Annually

Explore licensing in other states:

Adjuster - A person or firm that is paid to adjust, investigate, and negotiate claim settlements. There are 3 categories of adjusters: company, independent, and public. Company adjusters work for insurance companies and investigate claims on behalf of the company. Independent adjusters investigate claims on a contractual basis for insurance companies. Public adjusters investigate claims on behalf of claimants, usually to determine the amount of money that can be claimed.

Agent in Charge - A licensed individual responsible for the supervision of all individuals within an insurance agency. The agent in charge must be licensed in the same lines as the agency.

Insurance Agent - Insurance agents act as intermediaries between the insurance company and policyholders. Agents can be either captive or independent. Captive agents represent a single insurance company, while independent agents represent multiple insurers.

Insurance Broker - Individuals who sell insurance policies while representing the interests of the buyer. Brokers are typically independent intermediaries without an insurance company affiliation.

Insurance Producer - May be used to refer to either individual insurance agents and brokers or insurance agencies and brokerages.

Managing General Agent - An agent or broker that is involved in underwriting and has other areas of authority normally handled by insurers. MGAs are typically involved in unusual lines of coverage or in geographically prohibitive areas.

Surplus Lines Insurer - An insurance carrier that takes on risks that a licensed carrier is unwilling to insure. Surplus lines insurers do not have access to state guaranty funds and are less tightly regulated by state governing bodies.

Third Party Administrator - An organization that manages group insurance policies and works with the employer and insurance carrier to process claims, handle loss control, and provide risk management and consulting services.

Title Agent - Title agents sell insurance that protects real estate owners against loss of ownership of a property due to a legal claim.

Viatical Settlement Provider - A company that purchases life insurance policies at a discount from individuals seeking immediately available funds.

Independent Insurance Agents and Brokers of America (Big “I”)
Advocacy group of independent insurance brokers and agents.

National Association of Insurance and Financial Advisors (NAIFA)
Professional association that advocates for favorable regulatory conditions for insurance agents and financial advisors.

National Association of Insurance Companies (NAIC)
A standard setting and regulatory support organization that is governed by state insurance regulators.

National Association of Professional Insurance Agents (PIA)
Professional association that provides education and advocacy for insurance agents throughout the United States.

National Insurance Producer Registry (NIPR)
An affiliate of the NAIC that provides streamlined and uniform producer licensing processes.

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