50-State Financial Services Licensing Compliance Guide
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Minnesota 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 Minnesota.

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Company Licenses

Minnesota Financial Services Company Licenses

Minnesota Business Producer License - Non-Resident

Agency:Minnesota Department of Commerce

Initial Registration

Filing Method:

Online

Agency Fee:

$200 + $20 technology fee

Registration Renewal

Filing Method:

Online

Agency Fee:

$200 + $25 technology fee

Due:

Biennially by October 31.

Minnesota Collection Agency Branch License

Agency:Minnesota Department of Commerce - Licensing Unit
Bond Requirements:

$50,000 + an additional $5,000 for each $100,000 received by the agency from Minnesota debtors in the previous year. $100,000 is the maximum bond amount required.

Initial Registration

Filing Method:

Online

Agency Fee:

$500 registration fee + $9.95 application fee.

Registration Renewal

Filing Method:

Online

Agency Fee:

$400 + $9.95 application fee.

Due:

Annually by June 30.

Amendment

Filing Method:

Online

Agency Fee:

$0

Notes:

Licensees can change their address and manage employees through the PULSE portal.

Minnesota Collection Agency Exemption

Agency:Minnesota Department of Commerce - Licensing Unit
Notes:

Out-of-state agencies may be eligible for exemption if they limit Minnesota activities to collecting debts not incurred in Minnesota from Minnesota residents using phone, email, mail, or fax.

Initial Registration

Filing Method:

Online

Agency Fee:

$0

Renewal Not Required

Not required



Exemptions do not expire once granted as long as the exempt agency continues to operate under exemption criteria.

Minnesota Collection Agency License

Agency:Minnesota Department of Commerce - Licensing Unit
Foreign Qualification is Prerequisite:Yes
Bond Requirements:

$50,000 + an additional $5,000 for each $100,000 received by the agency from Minnesota debtors in the previous year. $100,000 is the maximum bond amount required.

Initial Registration

Filing Method:

Online

Agency Fee:

$1,000 registration fee + $9.95 application fee.

Registration Renewal

Filing Method:

Online

Agency Fee:

$400 + $9.95 application fee.

Due:

Annually by June 30.

Amendment

Filing Method:

Online

Agency Fee:

$0

Notes:

Licensees can change their address and manage employees through the PULSE portal.

Minnesota Individual Proprietor Agency License - Non-Resident

Agency:Minnesota Department of Commerce

Initial Registration

Filing Method:

Online

Agency Fee:

$0

Minnesota Insurance Agency License

Agency:Minnesota Department of Commerce

Initial Registration

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

Agency:Minnesota Department of Commerce
Form:

http://mn.gov/commerce/industries/insurance/producers-adjusters/agencies.jsp

Agency Fee:

Varies by insurance type. Baseline of $50

Registration Renewal

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

Agency:Minnesota Department of Commerce
Form:

https://mn.gov/commerce/licensees/insurance/license-renewal.jsp

Agency Fee:

Varies by insurance type. Baseline of $50

Due:

Annually

Minnesota Public Adjuster Solicitor Agency License - Non-Resident

Agency:Minnesota Department of Commerce

Initial Registration

Filing Method:

Online

Agency Fee:

$50

Registration Renewal

Filing Method:

Online

Agency Fee:

$50

Due:

Biennially by October 31.

Minnesota Reinsurance Intermediary Brokers License - Non-Resident

Agency:Minnesota Department of Commerce

Initial Registration

Filing Method:

Online

Agency Fee:

$200

Registration Renewal

Filing Method:

Online

Agency Fee:

$200

Due:

Biennially by October 31.

Minnesota Reinsurance Intermediary Managers License - Non-Resident

Agency:Minnesota Department of Commerce

Initial Registration

Filing Method:

Online

Agency Fee:

$200

Registration Renewal

Filing Method:

Online

Agency Fee:

$200

Due:

Biennially by October 31.

Minnesota Resident Agency License

Agency:Minnesota Department of Commerce

Initial Registration

Filing Method:

Online

Agency Fee:

$200 + $20 technology fee

Registration Renewal

Filing Method:

Online

Agency Fee:

$200 + $25 technology fee

Due:

Biennially by October 31.

Minnesota Resident Crop Hail Adjuster Agency License

Agency:Minnesota Department of Commerce

Initial Registration

Filing Method:

Online

Agency Fee:

$50

Registration Renewal

Filing Method:

Online

Agency Fee:

$50

Due:

Biennially by October 31.

Minnesota Resident Individual Proprietor Agency License

Agency:Minnesota Department of Commerce

Initial Registration

Filing Method:

Online

Agency Fee:

$0

Minnesota Resident Public Adjuster Agency License

Agency:Minnesota Department of Commerce

Initial Registration

Filing Method:

Online

Agency Fee:

$50

Registration Renewal

Filing Method:

Online

Agency Fee:

$50

Due:

Biennially by October 31.

Minnesota Third Party Administrator License

Agency:Minnesota Department of Commerce - Licensing Unit
Law:

Minnesota Statutes 60A.23, Subd. 8, Minnesota Rules Chapter 2767

Foreign Qualification is Prerequisite:No
Notes:

The annual activity report should be filed on the Excel spreadsheet form. The spreadsheet should be emailed to: tuan.tran@state.mn.us 

Registered Agent (Special Agency) Required?No

Initial Registration

Form:

TPA Registration  Application

Gurantee Form  - Must be completed when applying for a TPA license when an applicant uses the financial statements of a parent or other related entity to meet the financial requirements. The guarantee must be accompanied by a resolution by the guarantor's board of directors authorizing the guarantee. 

 

Filing Method:

Mail or online

Agency Fee:

$1,500

Required Attachments:

Submit financial statements for the administrator for the last three fiscal years. For the purpose of new applications, “Financial statements” means an income and expense statement along with a balance sheet.

Registration Renewal

Form:

TPA Registration Application (Renewal)

Filing Method:

Mail or online

Agency Fee:

$1500

Due:

Triennially by date of issuance. 

Annual Activity Report is due March 1 annually. 

Minnesota Utilization Review Organization Registration

Type of Review:

Medical Utilization Review

Agency:Minnesota Department of Commerce

Initial Registration

Form:

Utilization Review Organization Application

Agency Fee:

$1,000

Registration Renewal

Agency Fee:

$1,000

Due:

Biennially

Notes:

Renewal can be made by submitting a written request and the renewal fee to the department.

Individual Licenses

Minnesota Individual Financial Services Licenses

Minnesota Catastrophe Adjuster License - Non-Resident

Agency:Minnesota Department of Commerce

Initial Registration

Filing Method:

Online

Agency Fee:

$30

Minnesota Debt Collector License

Agency:Minnesota Department of Commerce - Licensing Unit

Initial Registration

Filing Method:

Online

Agency Fee:

$10 license fee + $9.95 application fee.

Registration Renewal

Filing Method:

Online

Agency Fee:

$10 license fee + $9.95 application fee.

Due:

Annually by June 30.

Minnesota Independent Adjuster License - Non-Resident

Agency:Minnesota Department of Commerce

Initial Registration

Filing Method:

Online

Agency Fee:

$50 + $50 for each additional line of authority.

Registration Renewal

Filing Method:

Online

Agency Fee:

$50

Due:

Biennially by the end of the licensee's birth month.

Minnesota Insurance Agent License

Agency:Minnesota Department of Commerce

Initial Registration

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

Agency Fee:

From $50 to $500 depending on license type

Registration Renewal

Filing Method:

Online

Agency Fee:

Producer: $50 per line of authority + $25 technology surcharge

Agent: $50 + $25 technology surcharge

Due:

Biennially by the last day of initial registration month

Minnesota Insurance Producer License - Non-Resident

Agency:Minnesota Department of Commerce

Initial Registration

Filing Method:

Online

Agency Fee:

$50 + $20 technology fee

Registration Renewal

Filing Method:

Online

Agency Fee:

$50 + $25 technology fee

Due:

Biennially by the end of the licensee's birth month.

Minnesota Insurance Producer License - Resident

Agency:Minnesota Department of Commerce

Initial Registration

Filing Method:

Online

Agency Fee:

$50 + $50 for each additional line of authority + $20 technology fee

Registration Renewal

Filing Method:

Online

Agency Fee:

$50 + $50 per line of authority + $25 technology fee

Due:

Biennially by the end of the licensee's birth month.

Minnesota Non-Resident Reinsurance Intermediary Brokers License

Agency:Minnesota Department of Commerce

Initial Registration

Filing Method:

Online

Agency Fee:

$200

Registration Renewal

Filing Method:

Online

Agency Fee:

$150

Due:

Biennially by the end of the licensee's birth month.

Minnesota Public Adjuster License - Non-Resident

Agency:Minnesota Department of Commerce

Initial Registration

Filing Method:

Online

Agency Fee:

$50

Registration Renewal

Filing Method:

Online

Agency Fee:

$50

Due:

Biennially by the end of the licensee's birth month.

Minnesota Resident Catastrophe Adjuster License

Agency:Minnesota Department of Commerce

Initial Registration

Filing Method:

Online

Agency Fee:

$20

Minnesota Resident Independent Adjuster License

Agency:Minnesota Department of Commerce

Initial Registration

Filing Method:

Online

Agency Fee:

$50

Registration Renewal

Filing Method:

Online

Agency Fee:

$50 per line of authority

Due:

Biennially by the end of the licensee's birth month.

Minnesota Resident Public Adjuster License

Agency:Minnesota Department of Commerce

Initial Registration

Filing Method:

Online

Agency Fee:

$50

Registration Renewal

Filing Method:

Online

Agency Fee:

$50 per line of authority

Due:

Biennially by the end of the licensee's birth month.

Minnesota Resident Reinsurance Intermediary Brokers License

Agency:Minnesota Department of Commerce

Initial Registration

Filing Method:

Online

Agency Fee:

$200

Registration Renewal

Filing Method:

Online

Agency Fee:

$150

Due:

Biennially by the end of the licensee's birth month.

Minnesota Resident Surplus Lines License

Agency:Minnesota Department of Commerce

Initial Registration

Filing Method:

Online

Agency Fee:

$500

Registration Renewal

Filing Method:

Online

Agency Fee:

$500

Due:

Biennially by the end of the licensee's birth month.

Minnesota Surplus Lines License - Non-Resident

Agency:Minnesota Department of Commerce

Initial Registration

Filing Method:

Online

Agency Fee:

$500

Registration Renewal

Filing Method:

Online

Agency Fee:

$1,000

Due:

Biennially by the end of the licensee's birth month.

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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