Ask Experts Questions for FREE Help !
Ask
    villagechief's Avatar
    villagechief Posts: 1, Reputation: 1
    New Member
     
    #1

    Jul 4, 2007, 05:12 AM
    How to start an insurance company from scratch?
    How do I start an insurance company from scratch? I do not want to represent other companies and own my own aganecy... I want to take my own money and use it to insure policy holder who pay the premiums...
    Curlyben's Avatar
    Curlyben Posts: 18,514, Reputation: 1860
    BossMan
     
    #2

    Jul 4, 2007, 05:15 AM
    First thing you need is a HUGE amount of money!!
    Second, even more money.

    You really need to do some SERIOUS research on this as it's not as simple as you think.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
    Expert
     
    #3

    Jul 4, 2007, 10:06 AM
    You will need to get a insurance company license from the state you wish to write insurance for. And you will be rated by several rating companies as to your reilability. Also you will need to normally buy re-insurance for a block of policies, Even insurance companies sell part of the risks normally.

    All of your policies will have to be approved by the insurance commission.
    And you will have to show you have funds to cover a specific percentage of your policies in force. I would think if you had 50 to 100 million dollars in invvestments you may qualify.

Not your question? Ask your question View similar questions

 

Add your answer here.


Check out some similar questions!

How do I start my own insurance company [ 2 Answers ]

I'm looking to start my own insurance company, but don't know much about it. How do I go about getting licensed to sell insurance? Once I get licensed, will I then be able to open my own business and sell insurance policies?

Framed by Insurance Company [ 2 Answers ]

I work in a chiropractic office. While treating a patient for a workers comp injury, the insurance adjuster for the patient came and "pretended" to get treatment for an injury. She would make appts around the same time as the patient being treated under the workers comp company she worked for. ...

Repayment to insurance company [ 2 Answers ]

I was involved in an auto incident last year in where I was struck by a motorist in CA without auto insurance. I received my policy check from my own auto insurance from my uninsured motorist coverage. I had to have surgery as a result of the accident and my personal health insurance paid for it...

How do I start from scratch at the age of 40 something? [ 3 Answers ]

Hi everyone, I am new to this and don't have a clue. I am starting over in my life and have spent my years taking care of everyone but me. I recently suffered a huge loss and have been at loose ends. I am moving in to my own apt. soon. I have lots of debt and don't know how to pay it off. I am in...

Insurance from Mortgage company [ 2 Answers ]

In Michigan can a mortgage company charge more for insurance than the actual cost. Also, can you tell me the law on this. Thank you


View more questions Search