Producer Licensing Act
§ 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
(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
(5) Variable life and variable annuity products insurance
coverage provided under variable life insurance contracts and variable
(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
(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.)