50-State Financial Services Licensing Compliance Guide
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New Jersey 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 New Jersey.

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Company Licenses

New Jersey Financial Services Company Licenses

New Jersey Collection Agency Bond Registration

Agency:New Jersey Department of the Treasury - Division of Revenue and Enterprise Services
Bond Requirements:

$5,000

Notes:

New Jersey does not issue collection agency licenses but instead requires agencies to submit a bond registration every year.

Initial Registration

Form:

Collection Agency Bond Application

Agency Fee:

$25

Notarize:Required

Registration Renewal

Form:

Collection Agency Bond Application (Renewal)

Agency Fee:

$25

Due:

Annually by the anniversary of initial registration.

Notarize:Required

New Jersey Insurance Agency License

Agency:New Jersey Department of Banking and Insurance - Division of Insurance

Initial Registration

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

Agency:New Jersey Department of Banking and Insurance - Division of Insurance
Form:

http://www.nj.gov/dobi/inslic.htm#ApplicationsandForms

Agency Fee:

Varies by insurance type. Baseline of $75

Registration Renewal

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

Agency:New Jersey Department of Banking and Insurance - Division of Insurance
Form:

http://www.nj.gov/dobi/inslic.htm#ApplicationsandForms

Agency Fee:

Varies by insurance type. Baseline of $75

Due:

Biennially

New Jersey Insurance Producer License - Non-Resident

Agency:New Jersey Department of Banking and Insurance - Division of Insurance

Initial Registration

Filing Method:

Online

Agency Fee:

Either $95 or $170 depending on which lines of authority the applicant selects.

Registration Renewal

Filing Method:

Online

Agency Fee:

Either $150 or $75, depending on which Line of Authority is chosen.

Due:

Biennially

New Jersey Insurance Producer License - Resident

Agency:New Jersey Department of Banking and Insurance - Division of Insurance

Initial Registration

Filing Method:

Online

Agency Fee:

Either $95 or $170 depending on which lines of authority the applicant selects.

Registration Renewal

Filing Method:

Online

Agency Fee:

Either $150 or $75, depending on which Line of Authority is chosen.

Due:

Biennially

New Jersey Portable Electronics Insurance License - Non-Resident

Agency:New Jersey Department of Banking and Insurance - Division of Insurance

Initial Registration

Filing Method:

Online

Agency Fee:

$120

Registration Renewal

Filing Method:

Online

Agency Fee:

$150

Due:

Biennially

New Jersey Portable Electronics Insurance License - Resident

Agency:New Jersey Department of Banking and Insurance - Division of Insurance

Initial Registration

Filing Method:

Online

Agency Fee:

$120

Registration Renewal

Filing Method:

Online

Agency Fee:

$150

Due:

Biennially

New Jersey Public Adjuster License - Non-Resident

Agency:New Jersey Department of Banking and Insurance - Division of Insurance

Initial Registration

Filing Method:

Online

Agency Fee:

$70

Registration Renewal

Filing Method:

Online

Agency Fee:

$50

Due:

Biennially

New Jersey Public Adjuster License - Resident

Agency:New Jersey Department of Banking and Insurance - Division of Insurance

Initial Registration

Filing Method:

Online

Agency Fee:

$70

Registration Renewal

Filing Method:

Online

Agency Fee:

$50

Due:

Biennially

New Jersey Third Party Administrator License

Agency:New Jersey Department of Banking and Insurance - Division of Insurance
Law:

N.J.S.A. 17B:27B-1 et seq.

N.J.A.C. 11:23-1 et seq.

Foreign Qualification is Prerequisite:No
Registered Agent (Special Agency) Required?No

Initial Registration

Form:

TPA Registration Application 

Filing Method:

Email Tim.Stroud@dobi.nj.gov or mail. 

Agency Fee:

$0

Required Attachments:

The completed Application Cover Sheet.

A copy of the applicant’s basic organizational documents, which shall include articles of incorporation, articles of association, partnership agreement, management agreement, trust agreement or other documents governing the operation of the applicant that are applicable to the applicant’s form of business organization.

A copy of the executed bylaws, rules and regulations, or other documents relating to the operation of the applicant’s internal affairs.

A list of the names, addresses and official positions of the persons responsible for the conduct of the affairs of the applicant, including, but not limited to if applicable:
a) the members of the board of directors, executive committee or other governing boardor committee;
b) the principal officers or partners;
c) shareholders owning or having the right to acquire 10% or more of the voting securities of the corporation or partnership interest of a partnership, or equity interest, in thecase of another from of business organization; and
d) any person or entity who has loaned funds to the applicant for the operation of the business.

A fully completed and notarized Biographical Affidavit for each of those persons identified in response above.

A statement of any criminal convictions and civil, regulatory or enforcement action, including actions related to professional licensing, taken or pending against any principal officer or owner of the applicant; and the relationship with any other business entity, including a parent corporation.

A copy of the applicant’s most recent financial statements audited by an independent certified
public accountant. If the financial affairs of the applicant’s parent company are audited by an independent certified public accountant, but those of the applicant are not, then a copy of the most
recent audited financial statement of the applicant’s parent company, audited by an independent certified public accountant, shall be sub-mitted. A consolidated financial statement of the applicant and the parent company shall satisfy this requirement unless the Commissioner determines that additional or more recent information is required for the proper administration of the Act. If providing a consolidated financial statement, include a consolidating income statement clearly showing the applicant’s activity. Please note that once approved, annual audited financial statements must be filed on a calendar year basis.

A copy of the applicant’s business plan.

Registration Renewal

Form:

Annual Third Party Administreator Financial Report 

Filing Method:

Mail 

Agency Fee:

$100

Due:

Annually by June 1. 

Due Date Extension:Extension request must be made by May 15.

New Jersey Utilization Review License

Not required



Utilization Review licensure is not required on the State level in New Jersey.

Utilization review licenses are not issued at the state level in New Jersey.

Individual Licenses

New Jersey Individual Financial Services Licenses

New Jersey Insurance Agent License

Agency:New Jersey Department of Banking and Insurance - Division of Insurance

Initial Registration

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

Agency Fee:

From $70 to $170 depending on license type

Registration Renewal

Filing Method:

Online

Agency Fee:

Limited Line License: $75

Major Lines License: $150

Due:

Biennially

New Jersey Insurance Producer License - Non-Resident

Agency:New Jersey Department of Banking and Insurance - Division of Insurance

Initial Registration

Filing Method:

Online

Agency Fee:

Either $95 or $170 depending on which lines of authority the applicant selects.

Registration Renewal

Filing Method:

Online

Agency Fee:

Either $150 or $75, depending on which Line of Authority is chosen.

Due:

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

New Jersey Insurance Producer License - Resident

Agency:New Jersey Department of Banking and Insurance - Division of Insurance

Initial Registration

Filing Method:

Online

Agency Fee:

Either $95 or $170 depending on which lines of authority the applicant selects.

Registration Renewal

Filing Method:

Online

Agency Fee:

Either $150 or $75, depending on which Line of Authority is chosen.

Due:

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

New Jersey Public Adjuster License - Non-Resident

Agency:New Jersey Department of Banking and Insurance - Division of Insurance

Initial Registration

Filing Method:

Online

Agency Fee:

$70

Registration Renewal

Filing Method:

Online

Agency Fee:

$50

Due:

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

New Jersey Public Adjuster License - Resident

Agency:New Jersey Department of Banking and Insurance - Division of Insurance

Initial Registration

Filing Method:

Online

Agency Fee:

$70

Registration Renewal

Filing Method:

Online

Agency Fee:

$50

Due:

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

New Jersey Temporary Producer License - Resident

Agency:New Jersey Department of Banking and Insurance - Division of Insurance

Initial Registration

Filing Method:

Online

Agency Fee:

$170

Renewal Not Required

Not required



Temporary licenses expire after 180 days and cannot be renewed.

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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