This person is responsible for making sure that the business entity (BE) license complies with the laws and rules of Washington state and must be affiliated to the BE license.
Who should be the DRLP for your business entity?
The DRLP should have the proper authority to ensure compliance. When selecting the DRLP, you may want to consider the following:
- Is the person an authorized signer on the bank accounts?
- Does the person have access to the books and records?
- Can the person influence the preparation of financial records?
- Can the person negotiate contracts for the agency, i.e. a contract with an insurance company to get an appointment?
- Does the person have supervisory authority?
DRLP license status affects BE license status
BE licenses can't be renewed without naming an actively licensed DRLP.
If a DRLP license becomes inactive (leaves the employ of the BE, becomes deceased, etc.) the BE must name another DRLP within 30 days or the BE license will be canceled.
BEs can update their DRLP on their renewal application. For DRLP updates occurring outside a BE license-renewal period, please contact us.
BEs transacting travel insurance business must:
- Have a producer license with the travel line of authority, and
- Affiliate a DRLP that holds the travel line of authority on their individual license.