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How does someone start an Insurance Company in the State of California? |
How does someone start an Insurance Company in the State of California? Please check the following website: California Department of Insurance: http://www.insurance.ca.gov/index.cfm... Industry: Producer Hotline http://www.insurance.ca.gov/0200-industr... After you are properly licensed. Go to the State of California website: State of Cali: http://www.ca.gov/state/portal/myca_home... Click on the BUSINESS link and go to the link that says, 'Beginning a Business in California' State of California: Doing Business in the State of California no fire insurance will be accepted Step #1) submit a written proposal to the state insurance board for approval. Step #2) deposit $50,000,000.00 into a company checking account in order to begin business. Ya get a whole buncha money, and file the appropriate applications with the secretary of state and the California Insurance Department. Are you offering Earthquake insurance? If you are. I am very interested in your insurance company. I will just add to CowboyBill's post. It depends on the line(s) of insurance you plan to write in CA. You will need to submit much more than a vanilla proposal--it will need to be a full blown business plan replete with actuarial analyses of every stripe. The cost for the studies can run into the hundreds of thousands of dollars. The minimum capitalization is $50M. Note this $50M gets you into the game. That amount of money doesn't go far at all given the byzantine rules regarding the reserving of money to ensure your insurance company's solvency. In the insurance industry. |
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