BANKRUPTCY Help! Can I still be employed as a Captive Agent? Any other ideas?

[spenc44]

Hello,

I started studying for my P&C as well as my L&H in mid Jan of 2024 and passed both exams last week. I applied for my licenses and officially got them a couple days ago. Yay.

I was hoping to go the independent agent route so I could work remotely but quickly found out after applying for an agency that due to my pending Chapter 7 bankruptcy, most carriers that the broker (IMO) offered wouldn't even consider contracting me until 6 months after my bankruptcy is officially discharged (I filed in March). I read that it would be difficult to get appointed with a bankruptcy yet not impossible, so I still went for it, but I didn't realize 'difficult' also meant 'impossible for the next 8 months'. Upon learning this, I immediately started looking up jobs at home depot LOL. I should have called a carrier beforehand, before I even got my licenses and this situation would have been avoided.

I don't want to give up yet.

I called a few insurance agencies in my nearest town and have an interview tomorrow, but I'm curious as to whether I can get hired with a bankruptcy even as a Captive agent in a physical office. I really don't want these last 4 months to mean nothing, so hopefully there's still something I can do with my licenses. If anyone has any experience with this, or any ideas for what I can still do with these licenses, please let me know.

Thanks!

 

[carlnh]

@spenc44 I don’t have any experience in the P&C side of things, but I own an agency for L&H. Can’t imagine you’ll have any big troubles with your 2-15.

 

[spenc44]

@carlnh Do you mind defining what "big troubles with my 2-15 means?" Would you, as someone who owns a L&H agency, be confident that I'd still be able to sell insurance for you? Not asking for a job opportunity but if another person was in your shoes, would they hire someone who's bankruptcy isn't even discharged yet or would it pose too many issues in getting me appointed? Thanks for your reply in advance.

 

[carlnh]

@spenc44 All though I am not 100% I don’t think it would be a barrier of entry for you. I will reach out to my general agency who does the appointments for me and ask.

 

[spenc44]

@carlnh Thank you very much. My current mindset has me settling with whoever will take me, but in a desperate state like that I am likely to make a mistake on who I go with. The answer you can provide can help me gain some confidence again about my outlooks so I don't have to settle.

 

[lastservant]

@spenc44 You can forget securities but basic p&c working for an agent? Have you checked your state's laws?

 

[spenc44]

@lastservant Do you think I'd struggle to get appointed for selling Variable Insurance, if I decided to get my securities license in a year or so?

 

[lastservant]

@spenc44 Variable in my state is a simple test and application. The deeper background checks etc are for finra.

Check your state laws.

 

[niclint]

@spenc44 'bout the only thing would be to be a Producer or as you say a "captive" for an independent agency for awhile.

P&C is rather hard to get into right now with all the carriers increasing rates, non-renewing policies, and all. You need to be upfront with the agency principals of your current situation and future plans.