§27-2.4-9  License. –


Published: 2015

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TITLE 27

Insurance

CHAPTER 27-2.4

Producer Licensing Act

SECTION 27-2.4-9



   § 27-2.4-9  License. –

(a) Unless denied licensure pursuant to § 27-2.4-14, persons who have met

the requirements of §§ 27-2.4-7 and 27-2.4-8 shall 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:



   (1) Life insurance coverage on human lives including benefits

of endowment and annuities, and may include benefits in the event of death or

dismemberment by accident and benefits for disability income;



   (2) Accident and health or sickness insurance coverage for

sickness, bodily injury or accidental death and may include benefits for

disability income;



   (3) Property insurance coverage for the direct or

consequential loss or damage to property of every kind;



   (4) Casualty insurance coverage against legal liability,

including that for death, injury or disability or damage to real or personal

property;



   (5) Variable life and variable annuity products insurance

coverage provided under variable life insurance contracts and variable

annuities;



   (6) Personal lines-property and casualty insurance coverage

sold to individuals and families for primary noncommercial purposes;



   (7) Credit-limited line credit insurance;



   (8) Any other line of insurance permitted under state laws or

regulations.



   (b) An insurance producer license shall remain in effect

unless revoked or suspended as long as the fee set forth in § 27-2.4-4 is

paid and education requirements for resident individual insurance producers are

met by the license renewal due date.



   (c) An individual insurance producer who allows his or her

license to expire may, within twelve (12) months from the due date of the

renewal fee, reinstate this license without the necessity of passing a written

examination. A penalty in the amount of double the unpaid renewal fee shall be

required for any renewal fee received after the due date.



   (d) A licensed insurance producer who is unable to comply

with license renewal procedures due to military service or some other

extenuating circumstance (e.g., a long-term medical disability) may request a

waiver of those procedures. The insurance producer may also request a waiver of

any examination requirement or any other fine or sanction imposed for failure

to comply with renewal procedures.



   (e) The license shall contain the insurance producer's name,

address, license number, license type, lines of authority, and any other

information the insurance commissioner deems necessary.



   (f) Insurance producers shall inform the insurance

commissioner by any means acceptable to the insurance commissioner of a change

in legal name or address within thirty (30) days of the change. Failure to

timely inform the insurance commissioner of a change in legal name or address

may result in a penalty to be determined by the insurance commissioner.



   (g) In order to assist in the performance of the insurance

commissioner's duties, the insurance commissioner may contract with

non-government entities, including the NAIC or any affiliates or subsidiaries

which the NAIC oversees, to perform any ministerial functions, including the

collection of fees, related to insurance producer licensing that the insurance

commissioner and the non-governmental entity may deem appropriate.



History of Section.

(P.L. 2001, ch. 14, § 3; P.L. 2001, ch. 15, § 3; P.L. 2006, ch. 84,

§ 2; P.L. 2006, ch. 93, § 2.)

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