What is the Difference?

Doing Business as an Individual Agent vs. as an Agency can be confusing and hard to understand if you have not been in the industry for some time. While all will require some of the same things, we want to make sure you understand what may be needed for each way of Doing Business.

Note: Some agents may be doing Business as a Licensed Only Agent (LOA). We dive into this briefly.

Doing Business as an Individual

The most common way for Agents to complete their contracting and set up their business, is as an Individual Agent. All Agents must have a valid Insurance license and NIPR (NPN) Number.

When completing onboarding as an Individual the Agent must provide:

- Valid E&O Coverage explicitly covering the named Agent (Can not use an uplines E&O policy unless agents name is on the addendum)

- The Agent must provide a Valid, Voided Check, EFT form, or Bank letter for deposits. This is needed to ensure the correct account and routing number is on file.

- If the Agent will Sell Life Insurance they must provide a Valid AML (Anti Money Laundering) Certificate. See AML Explained for more Information.

- If the Agent will Sell Medicare Coverage they must provide a Valid AHIP Certificate. See AHIP Explained for more Information.

- If the Agent will Sell U65/Health Coverage they must provide a Valid CMS/FFM Certificate. See

CMS/FFM Explained

for more Information.

Doing Business as an Agency

Another way for Agents to do Business is as an Agency. When doing business as an Agency there are many things to consider. Always consult your CPA or Law professional to ensure that your LLC or Corporation is set up properly to ensure compliance with State and Federal tax laws.

When onboarding your Agency with Impact Legacy Group you must first verify that your Agency is both Licensed and Registered with the National Insurance Producers Registry. You will receive an Agency NPN/ NIPR number once this is complete.

Now that your Agency is properly set up you must provide these items in order to begin contracting your Agency:

- Agency EIN number

- Agency NPN number

- Agency Address

- Principal Agent Name

- Agency E&O Coverage. (Coverage must explicitly state it covers the agency listed.)

- A valid Voided check, EFT form, or bank letter for the BUSINESS ACCOUNT for the Agency to receive deposits.

- Training Certificates as needed for Agencies lines of business.

Licensed Only Agents (LOA)

Doing business as an LOA agent is also a frequent path that Agents choose to do their contracting. These agents must be Licensed and able to sell insurance.

When doing business as an LOA the agent and their Direct Upline Agency have entered into a partnership and are subject to the policies and decisions of their Direct Upline Agency. LOA Agents can leverage the resources and support of a licensed agency without the full responsibilities.

When Onboarding with Impact Legacy Group as an LOA Agent you must provide:

- Valid E&O Coverage (This can be provided from the Agency that invited you to Impact. The policy must state that LOA Agents are covered under the agency or the Agents name must be shown on the addendum)

- LOA Agents must still provide required Life, Medicare, or Annuity training due to carrier and contracting requirements.

- If the Agent will Sell Life Insurance they must provide a Valid AML (Anti Money Laundering) Certificate. See

AML Explained

for more Information.

- If the Agent will Sell Medicare Coverage they must provide a Valid AHIP Certificate. See

AHIP Explained

for more Information.

- If the Agent will Sell U65/Health Coverage they must provide a Valid CMS/FFM Certificate. See

CMS/FFM Explained

for more Information.