I am a licensed Health insurance agent. I need advice on how to start my own Insurance company in an area where there is not a lot of competition. How do I start and what are the guidelines I will have to follow; any rules, regualtions?

Hi, missrel!

I noticed in your other post where you mention working in New York State. If you want to find out the laws, rules and regulations, one thing that you might do is look to see if they're available online for where you'd like to work. Below, is a possible search.

New York State Health Insurance Agency Regulations - Google Search (http://www.google.com/search?hl=en&safe=off&q=New+York+State+Health+Insurance+Agency+Regulatio ns)

You might find some information on the following site to be useful.

New York State Insurance Department Homepage (http://www.ins.state.ny.us/)

You're going to need some kind of business plan to start your business. You might find one on a site of the following search that you could tailor to fit your needs.

Health Insurance Agency Business Plan - Google Search (http://www.google.com/search?hl=en&safe=off&q=Health+Insurance+Agency+Business+Plan)

There's also SCORE | Counselors to America's Small Business | SCORE (http://www.score.org/index.html) and http://www.sba.gov/ which could be consulted for helpful information.

I wish you the best!

Thanks!

Do you mean your own agency or insurance company? They are vastly different. An agency represents one or more carriers and sells their insurance. An insurance company provides insurance for policy holders.

Yes, your own agency, you get contracts with the company you want to sell for and open a office in the area you want to work.

If you want a company you get millions of dollars, and get the policies you want to sell approved by the Insurance department

I think you are asking about starting an insurance company.
Like for example, state farm, New York Life Insurance etc.
It is a great bold thinking and I am sure you would realize your dream if you stay on sustained path.


Please refer to your state's insurance department. They are right source of all informations including capital requirements, which is very high. I believe it is starting from 10M easily.

All the best bro and come back to this forum if you start insurance company.