Minnesota Insurance License

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Licensing requirements for Minnesota insurance professionals and companies.

This page provides an overview of insurance licensing in Minnesota for individuals and companies. You will find state requirements, application fees, filing instructions, and more. For assistance with licensing, please contact us to learn about our software and managed license services.

Companies that provide insurance producer services in Minnesota must apply for a license prior to doing business. Depending on the lines of authority offered by the entity and the types of services offered, multiple firm licenses may be required.

Before applying, firms should ensure that the licensed individual to be appointed agent in charge has the necessary licenses. Firms should also gather proof of incorporation, or foreign qualification for out-of-state firms, in anticipation of application requirements.

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Company Licenses

Minnesota Financial Services and Insurance Company Licenses

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

Registration Renewal

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
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 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:

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

Agency fee:

Varies by insurance type. Baseline of $50

Due:

Annually

Minnesota Utilization Review Organization Registration

Type of Review:

Medical Utilization Review

Agency:Minnesota Department of Commerce

Initial Registration

Agency:Minnesota Department of Commerce
Form:

Utilization Review Organization Application

Agency fee:

$1,000

Registration Renewal

Agency:Minnesota Department of Commerce
Agency fee:

$1,000

Due:

Biennially

Notes:

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

Individual Licenses

Minnesota Individual Financial Services and Insurance Licenses

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 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

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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