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(a) Rules and regulations necessary and appropriate to implement and administer this subchapter shall be promulgated by the Insurance Commissioner.
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(b) For good cause shown, the commissioner may grant an extension of time during which the educational requirements imposed by this subchapter may be completed, but the extension of time shall not exceed a period of one (1) calendar year.
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(c) The number of hours for which credit shall be given for such courses, meetings, or programs of instruction shall be as determined by the commissioner.
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(d) Educational requirements shall be obtained and reported annually to the commissioner on or before the birthdate of the licensee. Failure to report or obtain the mandated educational requirements along with the fee imposed in a timely manner shall result in the additional following fines:
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(1) If within thirty (30) days after the due date, a fine of twenty-five dollars ($25.00) shall be imposed automatically;
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(2) If within sixty (60) days after the due date, a fine of fifty dollars ($50.00) shall be imposed automatically;
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(3) If within ninety (90) days after the due date, a fine of one hundred dollars ($100) shall be imposed automatically;
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(4)
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(A) If after ninety (90) days from the due date, the license shall become automatically suspended.
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(B) Reinstatement of the license shall require payment of a fine of one hundred fifty dollars ($150) if reinstated within one (1) year from the due date of the education; and
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(5) If after one (1) year from the due date, reinstatement is not available. Should a license be desired, the licensee must again proceed to become licensed as if never having held a license in addition to obtaining the education due when the license was suspended and paying the fine of one hundred fifty dollars ($150).
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(e)
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(1) Any licensee fined under subsection (d) of this section may request that the commissioner seal the licensee’s records regarding the fine.
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(2) The underlying conduct of any licensee whose record has been sealed under this section shall be deemed as a matter of law to have never occurred, and the licensee may state that the conduct or fine never occurred.
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