Insurance agent or stock broker lose license because of BK?

I believe that most states require you to be bonded to hold a license in those professions. If you have a recent bankruptcy, you may not be able to get the required bond.

We have a client who was trying to get a Surety (Tax) Bond. He was in negotiations to buy a furniture store. None of the Insurance Companies that I broker for would entertain the thought of offering him a bond due to a bankruptcy within 10 years. It was 8 years ago, so even though people say it is "off" in 7 years, it can still affect facets of your life for 3 years after that.

Many companies will not appoint a broker/agent who has a felony or "fiduciary issue" in their background. That probably includes BQ's, but check with your states Department of Insurance to find out for sure.

I work for a major ins co and am licensed in 42 states. I had no problem with keeping my P&C licenses with a chap 7 AND a chapter 13. From what I understand, it's only a problem if the BK is related to an ins business/agency you owned and BK'd.

I think the difference is in 'GETTING' and 'KEEPING'. I have never heard of anyone losing their license, just being blocked from doing so due to the bond issue

some companies are very particular, some are not.

Great, thanks for the feedback. I've been stressing over building my business back up, only to have it taken away to a license revocation.

It looks like the insurance side of things won't be an issue. Like you said, it may be a challenge to get new appointments, but keeping them seems like a lock.

On the securities side, it may be a different issue. I have a felling my broker-dealer won't look to kindly on a BK. Worst case scenario, I could jump to a less prestigious and less picky b/d.

Any advice on whether to disclose this to my clients? I would think hell no, but I may be missing something.

It just would be such a nightmare to get things moving again and then lose

I asked my boss who is securities licensed, he said you cannot lose your license due to a BQ.

Awesome, thanks smo65d11.

If an agent is arrested for drug possession can they loose the Insurance License from the state?

felony or misdemeanor?

i am curious about losing an insurance and securities license for misdemeanor posession as well. i know a dwi can be consideration for revocation in missouri.