60K.30 PURPOSE AND SCOPE. (a) Sections 60K.30 to 60K.56 govern the qualifications and procedures for the licensing of insurance producers. (b) Except as to the underlying requirement that a surplus lines agent or broker obtain an insurance producer license, this chapter does not apply to surplus lines agents or brokers licensed under sections 60A.195 to […]
60K.31 DEFINITIONS. Subdivision 1. Scope. For purposes of sections 60K.30 to 60K.56, the terms in subdivisions 2 to 18 have the meanings given them. The definitions in section 60A.02 are applicable to terms not defined in this section, unless the language or context clearly indicates that a different meaning is intended. Subd. 1a. Agent of […]
60K.32 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 under sections 60K.30 to 60K.56. The license itself does not create any authority, actual, apparent, or inherent, in the holder to represent or […]
60K.33 CRIMINAL PENALTY. A person who acts or assumes to act as an insurance producer without a license issued under this chapter is guilty of a gross misdemeanor. History: 2001 c 117 art 1 s 4
60K.34 EXCEPTIONS TO LICENSING. Subdivision 1. License not required. Nothing in sections 60K.30 to 60K.56 requires 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. Subd. 2. Specific exceptions. A license as an insurance producer is not required of […]
60K.35 FRATERNAL BENEFIT SOCIETY REPRESENTATIVES. Representatives of fraternal benefit societies who solicit and negotiate insurance contracts are considered to be insurance producers and are subject to the licensing requirements of this chapter, provided that no insurance producer’s license is required of: (1) any officer, employee, or secretary of a fraternal benefit society or of any […]
60K.36 EXAMINATIONS. Subdivision 1. Requirement. A resident individual applying for an insurance producer license shall pass a written examination unless exempt under subdivision 2 or section 60K.40. The examination must test the knowledge of the individual concerning the lines of authority for which the application is made, the duties and responsibilities of an insurance producer, […]
60K.361 INSURANCE EDUCATION. (a) Prelicense education must consist of 20 hours of education per line of authority. (b) The course must include an introduction to insurance and insurance-related concepts covering all of the major lines of authority except variable life and variable annuities. The course must consist of the following: (1) rules, regulations, and law; […]
60K.365 PRODUCER TRAINING REQUIREMENTS FOR LONG-TERM CARE INSURANCE PRODUCTS. (a) An individual may not sell, solicit, or negotiate long-term care insurance unless the individual is licensed as an insurance producer for accident and health or sickness insurance or life insurance and has completed an initial training course and ongoing training every 24 months thereafter. The […]
60K.366 PRODUCER TRAINING REQUIREMENTS FOR FLOOD INSURANCE PRODUCTS. An individual may not sell, solicit, or negotiate flood insurance through the National Flood Insurance Program (NFIP) unless the individual is licensed as an insurance producer for one or more lines of authority under section 60K.38, subdivision 1, paragraph (b), clauses (3), (4), and (6), and has […]
60K.37 APPLICATION FOR LICENSE. Subdivision 1. Resident insurance producer. A person is a resident of this state if that person resides in this state or the principal place of business of that person is maintained in this state. Application for a license claiming residency in this state constitutes an election of residency in this state. […]
60K.38 LICENSE. Subdivision 1. Issuance. (a) Unless denied a license under section 60K.43, a person who has met the requirements of sections 60K.36 and 60K.37 must be issued an insurance producer license. An insurance producer may receive qualification for a license in one or more of the lines of authority in paragraphs (b) and (c). […]
60K.381 SALE OF PORTABLE ELECTRONICS INSURANCE. Subdivision 1. Definitions. For purposes of this section, the following terms have the following meanings: (a) “Customer” means a person who purchases portable electronics or services. (b) “Covered customer” means a customer who elects coverage under a portable electronics insurance policy issued to a vendor of portable electronics. (c) […]
60K.383 TRAVEL INSURANCE. Subdivision 1. Definitions. (a) As used in this section, the terms in paragraphs (b) to (d) have the meanings given. (b) “Travel insurance” means insurance coverage for personal risks incident to planned travel, including, but not limited to: (1) interruption or cancellation of trip or event; (2) loss of baggage or personal […]
60K.39 NONRESIDENT LICENSING. Subdivision 1. Issuance. Unless denied a license under section 60K.43, a nonresident person shall receive a nonresident producer license if: (1) the person is currently licensed as a resident and in good standing in the person’s home state; (2) the person has submitted the proper request for licensure and has paid the […]
60K.40 INDIVIDUALS LICENSED IN ANOTHER STATE; EXEMPTION FROM EXAMINATION. Subdivision 1. Availability. 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 is not required to complete any prelicensing education or examination. This exemption is only available if the person […]
60K.41 ASSUMED NAMES. An insurance producer doing business under any name other than the producer’s legal name shall provide the commissioner with documentation that the assumed name has been properly filed with the secretary of state before using the assumed name. History: 2001 c 117 art 1 s 12
60K.42 TEMPORARY LICENSING. Subdivision 1. Commissioner’s authority to grant. The commissioner may issue a temporary insurance producer license for a period not to exceed 180 days without requiring an examination if the commissioner considers the temporary license necessary for the servicing of an insurance business in the following cases: (1) to the surviving spouse or […]
60K.43 LICENSE DENIAL, NONRENEWAL, OR REVOCATION. Subdivision 1. Causes. The commissioner may, by order, restrict, censure, suspend, revoke, or refuse to issue or renew an insurance producer’s license or may levy a civil penalty under section 45.027 or any combination of actions, for any one or more of the following causes: (1) providing incorrect, misleading, […]
60K.44 TAX CLEARANCE CERTIFICATE. Subdivision 1. Requirement for issuance or renewal of license. In addition to the provisions of section 60K.43, the commissioner may not issue or renew a license if the commissioner of revenue notifies the commissioner and the licensee or applicant for a license that the licensee or applicant owes the state delinquent […]
