The Missouri Department of Insurance (MDI) announced it will provide an additional 15 days’ extra warning before it revokes licenses when agents have apparent unpaid tax liabilities to the state. MDI said it has identified 16,000 licensed agents with unpaid or unfiled taxes.
Legislation passed in 2003 requires MDI to revoke the licenses of agents and brokers—now known legally as insurance “producers”—if they owe Missouri taxes or failed to file returns.
The 16,000 scofflaws—of more than 100,000 producers in the state— have so far received notices of noncompliance from the Missouri Department of Revenue.
MDI Director Scott Lakin said agency attorneys have determined that MDI may provide an extra 15-day warning before revoking licenses without violating the state law. Lakin said the department was worried about interrupting policy service to the agents’ customers.
Under the law, insurance producers had 90 days to resolve their tax problems with the Department of Revenue before MDI was required to revoke their licenses. The new procedures will extend another notice at that time giving licensees 15 days to reach an agreement with the revenue department.
Insurance licensees must contact the Department of Revenue at (573) 751-7200 or by e-mail on their individual tax cases. Producers who are revoked have one year to resolve the tax questions and regain their licenses without re-taking the original, required examinations.
Was this article valuable?
Here are more articles you may enjoy.
Marsh McLennan Agency to Buy Fisher Brown Bottrell for About $316M 
Trump’s Bond Insurer Tells Judge Shortfall Is ‘Inconceivable’ 
Why New York’s Attorney General Objects to Trump’s Bond Insurer 
Investment Funds File New Suits Over Lighthouse Insurance Collapse in 2022 
