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(a) Unless denied licensure pursuant to section 776, persons who have met the requirements of sections 757 and 758 must be issued an insurance producer license. An insurance producer may receive qualification for a license in one or more of the following lines of authority:
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(1) life insurance on human lives, including benefits of endowment and annuities, and may include benefits in the event of death or dismemberment by accidental death and may include benefits for disability income;
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(2) accident and health or sickness- insurance for disability, sickness, bodily injury or accidental death and may include benefits for disability income;
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(3) property insurance for the direct or consequential loss or damage to property of every kind;
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(4) casualty insurance against legal liability, including that for death, injury or disability or damage to real or personal property;
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(5) variable life and variable annuity products insurance coverage provided under variable life insurance contracts and variable annuities;
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(6) personal lines property and casualty insurance coverage sold to individuals and families for primarily noncommercial purposes;
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(7) credit limited line credit insurance;
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(8) surety as used in this chapter, is as defined in section 458 of this title;
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(9) travel insurance coverage for personal risks incident to planned travel including but not limited to:
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(A) interruption or cancellation of trip or event;
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(B) loss of baggage or personal effects;
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(C) damages to accommodations or rental vehicles; and
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(D) sickness, accident, disability or death occurring during travel,
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(10) Title as used in this chapter, is as defined in chapter 19, section 460 of this title.
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(11) specialty lines:
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(A) communications equipment or services;
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(B) rental car;
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(C) self-service storage; or
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(12) any other line of insurance permitted under the Virgin Islands laws or regulations.
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(b) An insurance producer license remains effective until December 31 of each year, unless revoked, suspended or surrendered as long as the fee prescribed by the Commissioner is paid and educational requirements for resident individual insurance producers are met by the due date.
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(c) Any individual insurance producer or adjuster who allows the license to lapse may, within 12 months from the due date of the renewal, have the license reinstated without the necessity of passing a written examination. However, a penalty of double the unpaid renewal fee must be paid for any request for renewal received after 15 days of the due date. During this 15-day grace period, no penalty may be charged.
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(d) A licensed insurance producer or adjuster who is unable to comply with license renewal procedures or take an examination due to military service or some other extenuating circumstances may request a waiver and may also request a waiver of any fine or sanction imposed for failure to comply with renewal or examination requirements.
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(e) An insurance producer’s license must be in the form as the Commissioner prescribes and must set forth:
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(1) the name and address of the licensee, or if the licensee is required to have a place of business, the address of the place of business;
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(2) if the agent or broker is a firm or corporation, the name of each individual authorized to exercise the powers conferred by the license;
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(3) National Insurance Producer Registry number and Virgin Islands insurance license number;
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(4) the lines of authority the licensee is thereby licensed to handle;
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(5) if a solicitor’s license, the name and address of the agent or broker represented by the solicitor;
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(6) the condition under which the license is granted;
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(7) the date of issuance and the expiration date of license; and
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(8) and any other information the Commissioner considers necessary.
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(f) An insurance adjuster’s license must contain:
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(1) the name of the adjuster and the address of his place of business;
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(2) if the adjuster is a firm or corporation, the name of the individual authorized to exercise the powers conferred by the license;
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(3) a statement regarding license as an independent adjuster or as a public adjuster;
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(4) the date of issuance and the expiration date of license; and
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(5) any other information the Commissioner considers necessary.
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(g) Licensees shall inform the Commissioner by any means acceptable to the Commissioner of a change of legal name and address not more than 30 days after the change. Failure to timely inform the Commissioner of a change in legal name or address may result in a fine in accordance with section 775(b).
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(h) An agent shall have but one license inclusive of all kinds or combination of kinds of insurance the agent is licensed to handle, regardless of the number of insurers for whom the agent is appointed.
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(i) The Commissioner may contract with non-governmental entities, including the NAIC or its affiliates or subsidiaries to perform ministerial functions, including the collection of fees related to producer licensing that the Commissioner and the non-governmental entity consider appropriate.
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(j) The license of each producer, other than licenses for life and disability insurances or adjuster licenses must be displayed in a conspicuous place in the area of the business which is customarily open to the public.