Co-Founder, TermInsuranceBrokers.com, Goldenzweig Financial Group, Las Vegas, Nevada
I don't have many details, but I can imagine that you would need a TON of money to meet reserve requirements, a TON of permits/licenses, a TON of legal documents created for the business, just to name a few things.
In short, there's a lot of start up money that would be necessary to start that kind of business.
Your best bet regarding what requirements would be needed would probably be calling up your state's department of insurance - I would think that would be a reasonable starting point or they may at least be able to point you in the right direction. Sorry I can't be of more help on this question.
Great question - In addition to the things that Jason mentioned, I'd add a TON of financial experience and degrees and certifications, a TON of really good legal advice and lawyers, and a TON of financial backers. The law requires that you have in cash reserves enough to pay out the total amount of what you promise to pay out. Good luck! Thanks for asking!
Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
The requirements to form an insurance company vary by state, and can be considerably different. The state insurance commissioner where you want to “domicile” your company is the place to find accurate information. Many insurance companies are formed to provide protection for a “niche” market. Having support of that market makes forming a new company more successful.
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In short, there's a lot of start up money that would be necessary to start that kind of business.
Your best bet regarding what requirements would be needed would probably be calling up your state's department of insurance - I would think that would be a reasonable starting point or they may at least be able to point you in the right direction. Sorry I can't be of more help on this question.