§ 23-64-517. Reporting of actions
(a) (1) A producer shall report to the Insurance Commissioner any administrative action taken against the producer in another jurisdiction or by another governmental agency in this state within thirty (30) days after the final disposition of the matter. (2) The report shall include a copy of the order, consent order, or other relevant legal […]
§ 23-64-518. Rules
The Insurance Commissioner may, in accordance with § 23-61-108, promulgate reasonable rules as are necessary or proper to carry out the purposes of this subchapter.
§ 23-64-519. Centralized producer licensing registry
(a) The Insurance Commissioner may participate, in whole or in part, with the National Association of Insurance Commissioners, or any of its affiliates or subsidiaries, in a centralized producer license registry where insurance producer licenses and appointments may be centrally or simultaneously effected for all states that require an insurance producer license and participate in […]
§ 23-64-520. Compensation disclosure
(a) As used in this section: (1) “Affiliate” means a person that controls, is controlled by, or is under common control with a producer; (2) (A) “Compensation from an insurer or other third party” means payments, commissions, fees, overrides, bonuses, contingent commissions, loans, stock options, or any other form of valuable consideration, whether or not […]
§ 23-64-514. Appointments
(a) An insurance producer shall not act as an agent of an insurer unless the insurance producer becomes an appointed agent of that insurer. An insurance producer who is not acting as an agent of an insurer is not required to become appointed. (b) To appoint a producer as its agent, the appointing insurer shall […]
§ 23-64-515. Notification to Insurance Commissioner of termination
(a) Termination for Cause. An insurer or authorized representative of the insurer that terminates the appointment, employment, contract, or other insurance business relationship with a producer shall notify the Insurance Commissioner within thirty (30) days following the effective date of the termination, using a format prescribed by the commissioner, if the reason for termination is […]
§ 23-64-516. Reciprocity
(a) The Insurance Commissioner shall waive any requirements for a nonresident license applicant with a valid license from his or her home state, except the requirements imposed by § 23-64-508, if the applicant’s home state awards nonresident licenses to residents of this state on the same basis. (b) A nonresident producer’s satisfaction of his or […]
§ 23-64-501. Title — Purpose — Scope
(a) This subchapter shall be known and may be cited as the “Producer Licensing Model Act”. (b) This subchapter governs the qualifications and procedures for the licensing of insurance producers. It simplifies and organizes some statutory language to improve efficiency, permits the use of new technology, and reduces costs associated with issuing and renewing insurance […]
§ 23-64-502. Definitions
For purposes of this subchapter: (1) “Business entity” means a corporation, association, partnership, limited liability company, limited liability partnership, or other legal entity; (2) “Home state” means the District of Columbia and any state or territory of the United States in which an insurance producer maintains his or her principal place of residence or principal […]
§ 23-64-503. License required
A person shall not sell, solicit, or negotiate insurance in this state for any class or classes of insurance unless the person is licensed for that line of authority in accordance with this subchapter.