Consultant

Exam

No exam

Education

None

Experience

None

Background check

Required

Consultants counsel and advise a consumer about his insurance needs and coverages for a reasonable fee; the consultations may cover property, casualty and surety insurance; or life and accident/health/sickness insurance, or all these if the person is dually licensed. Consultants review the insurance portfolios (all policies, contracts, certificates) of businesses and private individuals to counsel on areas where the client is over insured or under insured. These services may also include risk prevention, investments in insurance products such as annuities, and financial planning with the primary focus on insurance. It is permissible for a consultant to offer assistance in completing insurance claims forms, but the consultant may not serve as the client's legal representative without an attorney's license (Arkansas does not license public adjusters). Consultants are not required to have a written contract or memorandum of their services for a client, but it is advisable. Consultants do not solicit or sell insurance of any kind; however, it is permissible to hold a consultant license at the same time as you are licensed as an insurance agent, broker or solicitor. License exemptions are available for attorneys and accountants who routinely counsel clients about insurance in the course of their profession. Requirements: 1) Must be at least 18 years of age. 2) Must satisfy 20 hours of approved classroom instruction per line of authority (pre-licensure). 3) Must pass written examination. 4) Must be a resident of Arkansas. 5) If an individual is already licensed as a producer, then the individual only has to complete a consultant’s application and submit it with annual fee. Application and fee: $120.00. Criminal background report: $22.00 (first time license only). Exam fee contains initial licensing fee. Renewal Fee: $25.00. Annual ALF Fee: $35.00