Ohio’s recently passed a licensing law requires insurance agents to renew their licenses every two years. It also allows the state to refuse to renew the license of any agent or broker with an outstanding federal, state or local tax judgment lien filed against them or their organization.
The Department of Insurance says it has identified 2,230 insurance agents and agencies that owe more than $21.7 million in taxes. They are warning agents to take care of these taxes before they renew their state insurance licenses. If they don’t the Department will take administrative action against the license.
In order to avoid administrative action against their Ohio insurance licenses, agents who are not in compliance should contact the Ohio Attorney General Mike DeWine’s Collections Enforcement Office at 614-752-8981 to make arrangements to satisfy their outstanding obligations. Agents may also contact the Ohio Department of Insurance Enforcement Division at 614-644-2560 for assistance.
More information is included in the Department’s news release on the matter.