If a producer conducts business under an assumed name, when must they notify the Commissioner?

When a producer conducts business under an assumed name, it is essential to notify the Commissioner prior to using that name. This requirement is in place to ensure that all business practices are transparent and that the Commissioner can maintain proper oversight over the insurance industry. Notifying the Commissioner before using an assumed name helps to prevent any potential confusion or misrepresentation to consumers, thereby reinforcing ethical business standards within the industry.

Failing to notify the Commissioner beforehand could lead to legal issues or penalties for the producer as they may be operating under a name that isn't officially recognized in the regulatory framework. This requirement emphasizes the importance of compliance with state laws and regulations to uphold the integrity of the insurance profession.