§ 27-2.4-1. Purpose and scope. (a) This chapter 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 licenses. This chapter does not apply to excess and surplus lines […]
§ 27-2.4-10. Nonresident licensing. (a) Unless denied licensure pursuant to § 27-2.4-14, a nonresident person shall receive a nonresident insurance producer license if: (1) The person is currently licensed as a resident and in good standing in his or her home state; (2) The person has submitted the proper request for licensure and has paid […]
§ 27-2.4-11. Exemption from examination. (a) An individual who applies for an insurance producer license in this state who was previously licensed for the same lines of authority in another state shall not be required to complete any pre-licensing education or examination, but shall be required to certify knowledge of Rhode Island law applicable to […]
§ 27-2.4-12. Assumed names. An insurance producer doing business under any name other than the insurance producer’s legal name is required to notify the insurance commissioner prior to using the assumed name. History of Section.P.L. 2001, ch. 14, § 3; P.L. 2001, ch. 15, § 3.
§ 27-2.4-13. Temporary licenses. (a) The insurance commissioner may issue a temporary insurance producer license for a period not to exceed one hundred eighty (180) days without requiring an examination if the insurance commissioner deems that the temporary license is necessary for the servicing of an insurance business in the following cases: (1) To the […]
§ 27-2.4-14. Licenses — Denial — Nonrenewal — Suspension or revocation. (a) The insurance commissioner may place on probation, suspend, revoke or refuse to issue or renew an insurance producer’s license or may levy an administrative penalty in accordance with § 42-14-16 or any combination of actions, for any one or more of the following […]
§ 27-2.4-15. Commissions. (a) No insurer or insurance producer shall pay, directly or indirectly, any commission, service fee, brokerage, or other valuable consideration to any person for services as an insurance producer unless the person performing the service held a valid license regarding the class or classes of insurance as to which the service was […]
§ 27-2.4-15.1. Compensation disclosure. (a) Where any insurance producer or any affiliate of such producer receives any compensation from the customer for the initial placement of insurance, neither that producer nor the affiliate shall accept or receive any compensation from an insurer or other third-party for that placement of insurance unless the producer has, prior […]
§ 27-2.4-16. Notification to insurance commissioner of termination. (a) Termination for cause. An insurer or authorized representative of the insurer that terminates the employment contract or other insurance business relationship with an insurance producer shall notify the insurance commissioner within thirty (30) days following the effective date of the termination, using a format prescribed by […]
§ 27-2.4-17. 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 § 27-2.4-10, if the applicant’s home state awards nonresident licenses to residents of this state on the same basis. (b) A nonresident insurance producer’s […]
§ 27-2.4-18. Reporting of actions. (a) An insurance producer shall report to the insurance commissioner any administrative action taken against the insurance producer in another jurisdiction or by another governmental agency in this state within thirty (30) days of the final disposition of the matter. This report shall include a copy of the order, consent […]
§ 27-2.4-19. Fiduciary capacity of insurance producers — Misappropriation as theft. That portion of all premiums or moneys which a licensed insurance producer collects from a policyholder and which is to be paid to an insurance company, its agents, or his or her employer because of the assumption of liability through the issuance of insurance […]
§ 27-2.4-2. Definitions. The following definitions apply to this chapter: (1) “Business entity” means a corporation, association, partnership, limited liability company, limited liability partnership, or other legal entity; (2) “Contracted producer report” means the annual report that all insurers contracting with insurance producers must provide to the department on or by March 1 listing each […]
§ 27-2.4-20. Revocation or modification of insurance producer’s contract — Procedures. (a) No company shall cancel the authority of an insurance producer, if the insurance producer is not an employee of the company, and no company shall modify a contract with that insurance producer unless the company gives written notice of its intent to cancel […]
§ 27-2.4-20.1. Revocation or modification of property and casualty insurance producer’s contract — Procedures. (a) No property and casualty insurance company shall cancel the authority of an insurance producer, having a contract with and placing such insurance with more than one property and casualty insurance company, unless the company gives written notice of its intent […]
§ 27-2.4-21. Regulations. The insurance commissioner may, in accordance with Rhode Island law, promulgate reasonable rules and regulations as are necessary or proper to carry out the purposes of this chapter including, but not limited to, prelicensing requirements for applicants for an insurance producer license. History of Section.P.L. 2001, ch. 14, § 3; P.L. 2001, […]
§ 27-2.4-22. Severability. If any provisions of this chapter, or the application of a provision to any person or circumstances, shall be held invalid, the remainder of the chapter, and the application of the provision to persons or circumstances other than those to which it is held invalid, shall not be affected. History of Section.P.L. […]
§ 27-2.4-23. Errors and omissions insurance required of resident insurance producers. (a) All holders of resident insurance producer licenses issued by the insurance division of the department of business regulation of the state of Rhode Island shall, as a condition for obtaining and retaining such license, carry and maintain errors and omissions insurance covering the […]
§ 27-2.4-3. 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 chapter. History of Section.P.L. 2001, ch. 14, § 3; P.L. 2001, ch. 15, § 3.
§ 27-2.4-4. Fees. (a) Fees required by this chapter shall be as follows: (1) Initial insurance producer license: $ 55.00; (2) Annual insurance producer renewal: $ 55.00; and (3) Annual contracted producer report: $ 30.00 (per producer). (b) The insurance commissioner may by rule or regulation specify fees for letters of certification, clearance letters, duplicate […]
