How soon must an insurance producer notify the Department of Commerce of a change in their legal name or address?

The requirement for an insurance producer to notify the Department of Commerce about a change in their legal name or address within a specified timeframe is established to ensure that the department has up-to-date records for communication and compliance purposes. Being informed of a producer’s current legal name and address is crucial for the integrity of regulatory processes, including the delivery of important documents, notices, and for maintaining accurate licensing records.

The correct timeframe, which is 10 days, allows for a reasonable period for producers to update their information while ensuring that the Department can maintain effective oversight. This timely notification is essential for protecting consumers and ensuring that licensed producers continue to meet regulatory standards.