Secretary of State and Managed Annual Report Services

Overview

Most insurance agents and brokers understand the licensing requirements imposed by state Departments of Insurance. A secondary requirement that is less clear is the need to comply with Secretary of State reporting mandates wherever they do business.

While an insurance license allows you to generate revenue in a given jurisdiction, the secretary of state filings represent merely a nuisance cost of doing business.

If you believe like we do that any business cost should be evaluated in terms of Return on Investment (ROI), you’ll be happy to know that ACCEL Compliance can help you drive down the cost (investment) of this low return requirement.

And, because we handle most of the required information as part of our License Management services, we are able to further streamline this process for you.

As an added bonus, ACCEL has negotiated a preferred agreement with a leading provider of Registered Agent services (another low ROI obligation) that slashes the cost of this legacy mandate.

Unsure if you need to be Foreign Qualified?

When an individual producer is licensed in a state, many agents and brokers license an entity there too. But the decision to also register the entity with the secretary of state is a bit murkier. Many agencies will register everywhere, whether they need to or now. This can get expensive quickly, and it also risks putting your organization on the radar of revenue/taxation authorities.

The decision to register with a secretary of state is a legal question that requires an assessment of the facts pertaining to each unique situation. While ACCEL Compliance cannot provide this analysis, our colleagues at ACCEL Law Group are available to help.

Click below to read our white paper on the topic.

Why ACCEL?

  • Dedicated, tenured team that is familiar with your business.
  • We make Annual Reports one less thing for you to remember.
  • We’ll ask you for basic information as needed and take care of the rest.
  • In fact, we already maintain much of the necessary info as part of your licensing profile.
  • We’re confident you won’t find a lower cost option.
  • You can view your annual report status for all entities and jurisdictions, 24/7 in the GreenLight Compliance Management System.
  • Even though our service is less costly, your complete satisfaction is assured.

OUR SERVICES

INITIAL FORMATION & FOREIGN QUALIFICATION FILINGS

If you are starting a business, entering a new market, acquiring a business, or making other entity changes, you may need an initial formation, foreign qualification or DBA filing in order to legally transact business. In all these, cases, ACCEL Compliance can help streamline the filing process for you.

Our standardized process involves an Entity Profile that captures key information needed to complete Secretary of State submissions across the U.S. If you are already a License Management client, your profile is in our system and ready to go.

Once ACCEL completes the initial filing(s) for you, we can monitor and manage the ongoing Annual Reporting requirements for all of your entities and DBAs, in both resident and non-resident jurisdictions.

MANAGED ANNUAL REPORT FILINGS

In addition to assisting clients with initial corporate entity formation, foreign qualifications and DBA filings with relevant Secretaries of State, ACCEL Compliance provides an outsourced service that monitors those filings and handles annual report filings on your behalf. We refer to this service as our Managed Annual Report Service (MARS). As part of this service, we’ll also track your DBAs to make sure they never lapse.

All of your activity is tracked in the GreenLight™ Compliance Management System, so you can check on your state-by-state status at any time.

HOW IT WORKS

  • ACCEL maintains an Entity Profile for each of your entities. We contact you at least twice a year to keep the profile information up-to-date.
  • ACCEL’s GreenLight™ Compliance Management System tracks the cadence of reporting requirements for each jurisdiction and takes care of the filings for you. State fees are either direct billed to you or passed through by ACCEL.
  • In most cases, we can file your annual reports directly on the state portals. For the few states that require your electronic or physical signature, we’ll facilitate that process.
  • Each annual report filing is maintained in the GreenLight™ Compliance Management System and available to you to download at any time.

REGISTERED AGENT SERVICES

Most states require that non-resident entities maintain a “registered agent” in order to transact business in that state. The “registered agent” requirement is a legacy legal obligation that creates an ongoing cost, but — in most cases— sees little activity. It is essentially a mandatory “mailbox” for receiving service of process for lawsuits and other legal matters.

To help clients meet this obligation in each state in which they do business, we have negotiated a preferred pricing arrangement with a third-party service provider to provide registered agent services at pricing that is very favorable for ACCEL MARS clients. This is an easy, low-cost way to meet your registered agent requirements.

Many of ACCEL’s current clients have switched to ACCEL and InCorp for MARS and Registered Agent services from large, corporate service providers. They have found our services to be considerably less costly, while also simplifying and combining outsourced compliance services under one trusted roof.

PLEASE NOTE: ACCEL’s Managed Annual Report services do not include tax filings.

ACCEL would love to hear from you.

Please complete and submit the form and we’ll be in touch soon!

PLEASE NOTE:  

ACCEL Compliance clients should submit questions directly through their compliance manager to ensure timely response (not via this webform). 

ACCEL Compliance is only able to respond to technical/compliance questions from existing Agent/Broker client organizations, not individuals.