The Connecticut Insurance Department has posted a new schedule of fees, effective next month, which doubles the cost of most insurance agents' licenses.
Among the increases: producers license fees and renewals jumped from $40 to $80, and exam fees have been raised from $7 to $15.
The increased fees, which are set to go into effect October 1, 2009 are a result of the recently passed state budget.
The lack of licensing of settlement purchasing companies in the State of Connecticut while continuing to burden agents that are licensed, pay taxes (and many of whom VOTE) in Connecticut is short sighted for the following reasons:
- Missed chance of easy revenue source for the State of Connecticut at a time when more revenue is needed. Why not charge "financial crack dealers" $40, $100 or more to be licensed and require that entities register with the Connecticut Secretary of State for even more revenue? Think about it the State of Connecticut would be able to collect licensing fees, state registration fees AND annual report fees. Putting on my State of Connecticut taxpayer hat I wonder why in the world the Connecticut legislature has not thought of this option.
- Regulate unscrupulous advertising practices that a number of such companies are currently flaunting and getting away with.
- Missed opportunity to fund the much needed oversight of business practices of companies operating in the state, or soliciting Connecticut residents in the State and to supervise and regulate the servicing of structured settlement and other annuity payments by such companies. The saga of the Connecticut resident who recently suffered for months at the hands of Structured Asset Funding should be reason enough.