This licensing information is designed to provide a summary of the Minnesota insurance license requirements established by the Minnesota Department of Commerce. We recommend you contact the Minnesota Department of Commerce for more detailed information or changes.
Step 1: Complete a Minnesota insurance pre-licensing course
To sell insurance in Minnesota, you must complete an approved pre-licensing education course. All insurance pre-licensing courses provided by Insurance License Express are approved by the Minnesota Department of Commerce.
Once you have completed your Minnesota insurance pre-licensing course, you will receive a Certificate of Completion. The course is valid for one year from your date of completion. Within one year of completing the course, you must pass your Minnesota insurance license exam.
Note: A disinterested third party must monitor you as you take the Certification Exam. The person monitoring you must be at least 18 years old, may not be a family member or individual with a financial interest in you passing the exam, and may not be a coworker who works directly above or below you.
Step 2: Pass a Minnesota insurance licensing exam
Make an exam reservation
Your state licensing exam is provided by PSI Services. When you make your reservation, you will be required to pay the exam fee using a credit card, debit card, voucher, or electronic check. You can make an exam reservation online or by phone, fax, or mail:
- Online: Visit https://candidate.psiexams.com.
- Phone: Call (800) 733-9267.
- Fax: Send your registration form to (702) 932-2666. After four business days, call PSI at (800) 733-9267 to schedule your exam.
- Mail: Complete and mail your registration form and the appropriate exam fee to:
- PSI Services LLC, ATTN: Examination Registration SC INS, 3210 E Tropicana, Las Vegas, NV 89121
- Then, after two business weeks, call PSI at (800) 733-9267 to schedule your exam.
What to bring to your exam
You are required to bring two forms of current signature identification, including:
- A primary ID, such as a driver’s license, passport, or military ID that contains a photograph and signature. The ID cannot be expired.
- A secondary ID, such as a debit or credit card that contains your signature and has not expired.
You must also bring a copy of your pre-licensing Certificate of Completion. This is required to enter the exam.
You should arrive at your test center 30 minutes prior to the exam so that you have plenty of time to verify your identification and have your photograph taken.
Special PSI rules you should know
- Talking to other candidates, exiting the building during the exam, smoking, eating, and drinking are prohibited.
- Children are not allowed in the testing room.
- Jackets, coats, and hooded clothing are prohibited, and you will be asked to empty your pockets before entering the exam.
Minnesota insurance license exam format
- Each major line exam is given in a multiple-choice format.
- The exam consists of a general section that covers basic insurance product knowledge and a state section that covers the insurance laws, regulations, rules, and practices of Minnesota.
- The passing score required on the exam is 70. As soon as you complete the exam, you will receive a score report that indicates whether you passed or failed. If you pass, you will receive an exam results letter that provides you with a performance summary. Should you fail, you will receive a diagnostic report that shows you where you did well and where you fell short on each section of the exam.
Note: Each exam includes a mix of “pretest” questions and scored questions. The pretest questions are not identified throughout the exam, and the answers may not have been discussed in your education course. Answers to pretest questions will not affect your score.
Step 3: Have your fingerprints documented
You may have your fingerprints taken at the testing center on the day of the exam. You must pay the fingerprinting fee at that time. PSI will send your fingerprints to the state for review—a process that can take up to four weeks to complete.
Step 4: Apply for a Minnesota insurance license
Once you’ve passed the exam, apply for your Minnesota insurance license by completing an application at http://www.nipr.com.
For more information regarding Minnesota insurance license requirements, contact the Minnesota Department of Commerce.
Securities License Requirements
Any securities professional associated with a member firm-including partners, officers, directors, branch managers, department supervisors, and salespersons-must register with the Financial Industry Regulatory Authority (FINRA). The registration application requires information about the individual's prior employment and disciplinary history. FINRA prescribes two levels of qualification and registration:
Registered representatives, generally sales personnel
Principals, generally officers of the firm and other management personnel involved in the day-to-day operation of the firm's investment banking or securities business