While continuing education is arguably an important factor in maintaining and keeping your California Insurance License, there is another, equally important component that sometimes people may miss: DOI RENEWAL FEES!
TO KEEP YOUR LICENSE GOING, the Department of Insurance (DOI) requires each insurance agent, bail agent, and adjuster to complete the required CE hours AND pay fees every licensing period (every two years). The fees will vary depending on your license and are fluid, meaning that the Department of Insurance may change them at any time.
Any agent will want to make sure that they pay their fees in a timely manner. Ninety days out from your renewal, the Department of Insurance will send you a notification, via email, letting you know your license is set to expire. If you do not pay or get your insurance continuing education done by your expiration date, you risk paying late fees amounting to 50% more than the normal cost of your license fee. That’s steep! Also, there could be an interruption in your commissions while your license is reinstated. Further if you let it ride for more than one year, you have to start all over by taking prelicense courses and the state exam.
How do you avoid penalties and expirations? It’s important that you keep your contact information up to date with the Department of Insurance, especially your email address, as this is how the DOI will contact you about renewing your license and the fees needed. And stay on top of your continuing education requirements…we’re happy to help you figure those out.
For a schedule of the most current fees for all licenses overseen by the Department of Insurance, click here.
As always if you have any questions, do not hesitate to contact Affordable Educators, we are here to help you in anyway we can!