Q&A for How to Start a Car Insurance Company

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Can Indian tribes operate their own insurance companies?

Frankie Dominguez

Community Answer

Look into title 25 of the CFR and BIA. Also look for Native owned LLC companies registered. Those companies most likely have use policies on their website. A little digging might return tribal stakeholder affiliations that offer services for startups.

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Question

How do you get an effective insurance plan?

Community Answer

Plan your financial outline and be very knowledgeable in your marketing strategies.

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Question

What are the legal requirements that an auto insurance company must meet in order to operate?

Community Answer

1. A state resident insurance license will be required for the company principal agent. 2. A state business license will be required. 3. Errors and omissions insurance will be required. 4. An additional agency license will be required if the company will operate as an agency. There may be additional requirements, depending on the state in which you operate your company.

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Question

What obstacles will I face when trying to open a car insurance company?

Gabriel

Community Answer

Some obstacles could include having enough money to get your business started, errors & omissions insurance for yourself and employees, keeping an excellent credit score, getting bonded and having enough money reserved in a business account to cover expenses and make and take payments from clients and insurers.

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Can an ex-felon own an insurance company?

Community Answer

Very unlikely; most states will not issue a state insurance license to persons with a felony on their record.

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