(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 […]
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 […]
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.
(a) Nothing in this subchapter shall be construed to require an insurer to obtain an insurance producer license. In this section, the term “insurer” does not include an insurer’s officers, directors, employees, subsidiaries, or affiliates. (b) A license as an insurance producer shall not be required of the following: (1) An officer, director, or employee […]
(a) A resident individual applying for an insurance producer license shall pass a written examination unless exempt pursuant to § 23-64-205. The examination shall test the knowledge of the individual concerning the lines of authority for which application is made, the duties and responsibilities of an insurance producer, and the insurance laws of this state. […]
(a) A person applying for a resident insurance producer license shall make application to the Insurance Commissioner on the National Association of Insurance Commissioners’ Uniform Application and declare under penalty of refusal, suspension, or revocation of the license that the statements made in the application are true, correct, and complete to the best of the […]
(a) Unless denied licensure pursuant to § 23-64-512, persons who have met the requirements of §§ 23-64-505 and 23-64-506 shall be issued an insurance producer license. An insurance producer may receive qualification for a license in one (1) or more of the following lines of authority: (1) Life insurance coverage on human lives including benefits […]
(a) Unless denied licensure pursuant to § 23-64-512, a nonresident person shall receive a nonresident 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 the fees required by § […]
(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 prelicensing education or examination. This exemption is only available if the person is currently licensed in that state or if the application […]
An insurance producer doing business under any name other than the producer’s legal name is required to notify the Insurance Commissioner prior to using the assumed name.
(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 commissioner deems that the temporary license is necessary for the servicing of an insurance business in the following cases: (1) To the surviving spouse or court-appointed personal […]
(a) The Insurance Commissioner may place on probation, suspend, revoke, or refuse to issue or renew an insurance producer’s license or may levy a civil penalty in accordance with § 23-64-216 or any combination of actions for any one (1) or more of the following causes: (1) Providing incorrect, misleading, incomplete, or materially untrue information […]
(a) An insurance company or insurance producer shall not pay a commission, service fee, brokerage, or other valuable consideration to a person for selling, soliciting, or negotiating insurance in this state if that person is required to be licensed under this subchapter and is not so licensed. (b) A person shall not accept a commission, […]
(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 […]
(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 […]
(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 […]
(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 […]
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.
(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 […]
(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 […]
