Wolters Kluwer CT Corporation Podcast Explores the Complex Business Licensing Requirements Facing Insurance Organizations

Rhea-AI Summary

This press release emphasizes the importance of business licensing compliance for insurance organizations, as highlighted by CT Corporation's Coby Ringgenberg. Non-compliance may result in fines or cease and desist orders. Insurance entities must obtain licenses in each state they operate, with varying requirements based on their roles. CT Corporation, part of Wolters Kluwer's Governance, Risk & Compliance division, assists clients in managing these obligations. With nearly 130 years of experience, CT Corporation serves a wide client base, including Fortune 500 companies and AmLaw 100 firms.

Positive

• CT Corporation assists clients with business licensing compliance, allowing them to focus on core operations.
• Wolters Kluwer reported 2021 annual revenues of €4.8 billion, demonstrating financial stability.
• CT Corporation has a strong reputation, serving over 75% of Fortune 500 companies and 95% of AmLaw 100 law firms.

Negative

• Failure to comply with licensing regulations could lead to significant fines or cease and desist orders, potentially impacting revenue.

Failure to comply may impact an insurance organization’s ability to do business in other jurisdictions

NEW YORK--(BUSINESS WIRE)-- Insurance organizations may be asked to provide fingerprints or even pass a written exam to successfully comply with state-mandated business licensing regulations. According to the latest installment of CT Corporation’s Expert Insights podcast, failure to comply may result in fines, blocked commissions, or a cease and desist order prohibiting an insurance organization from conducting future business in other states.

Coby Ringgenberg, Senior Content Management Associate at Wolters Kluwer CT Corporation, explains that insurance companies and agencies must obtain a business license for every state in which they plan to operate. The specific requirements involved not only vary across different jurisdictions, but may also change depending on the role an insurance organization fills – agent, producer, broker or adjuster.

“Insurance organizations attempting to track a robust slate of business licensing requirements at the local, state and federal level can benefit from the assistance of trusted partner,” Ringgenberg says. “Every day, the experienced professionals at CT Corporation help clients manage their full range of their compliance obligations so that they can return their focus to other business critical tasks.”

For nearly 130 years, Wolters Kluwer CT Corporation has been the leading provider of registered agent services, incorporation services, and legal entity compliance. It is part of Wolters Kluwer’s Governance, Risk & Compliance (GRC) division and has a global reach into over 150 countries. More than 75 percent of Fortune 500 companies, 95 percent of AmLaw 100 law firms, and 350,000 small businesses trust CT Corporation to handle their compliance needs. The other legal services business of Wolters Kluwer GRC is Wolters Kluwer ELM Solutions – a global provider of enterprise legal spend and matter management, contract lifecycle management and legal analytics solutions.

About Wolters Kluwer Governance, Risk & Compliance

Governance, Risk & Compliance is a division of Wolters Kluwer, which provides legal and banking professionals with solutions to help ensure compliance with ever-changing regulatory and legal obligations, manage risk, increase efficiency, and produce better business outcomes. GRC offers a portfolio of technology-enabled expert services and solutions focused on legal entity compliance, legal operations management, banking product compliance, and banking regulatory compliance.

Wolters Kluwer (WKL) is a global leader in professional information, software solutions, and services for the healthcare; tax and accounting; governance, risk and compliance; and legal and regulatory sectors. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with specialized technology and services. Wolters Kluwer reported 2021 annual revenues of €4.8 billion. The group serves customers in over 180 countries, maintains operations in over 40 countries, and employs approximately 19,800 people worldwide. The company is headquartered in Alphen aan den Rijn, the Netherlands.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220601005329/en/

Media Contacts for Wolters Kluwer GRC

(including Wolters Kluwer CT Corporation, Wolters Kluwer ELM Solutions, Wolters Kluwer Compliance Solutions and Wolters Kluwer Finance, Risk & Regulatory Reporting)

Paul Lyon

Senior Director, Global Corporate Communications: Global Marketing, Communications & Planning

Governance, Risk & Compliance Division

Wolters Kluwer

Office +44 20 3197 6586

Paul.Lyon@wolterskluwer.com

Frank Ready

Senior Specialist, Corporate Communications, Legal Services

Governance, Risk & Compliance Division

Wolters Kluwer

Office 717-205-3647

Frank.Ready@wolterskluwer.com

Source: Wolters Kluwer

FAQ

What is the impact of licensing non-compliance for insurance organizations?

Non-compliance can result in fines, blocked commissions, or cease and desist orders.

Who discussed insurance licensing in the recent press release?

Coby Ringgenberg from CT Corporation discussed the importance of business licensing compliance.

What role does CT Corporation play for insurance organizations?

CT Corporation provides assistance in managing compliance obligations related to business licensing.

What is Wolters Kluwer's revenue for 2021?

Wolters Kluwer reported annual revenues of €4.8 billion for 2021.

Which organizations does CT Corporation serve?

CT Corporation serves over 75% of Fortune 500 companies and 95% of AmLaw 100 law firms.