Applicants for a resident insurance producer license must file the Uniform Application, certify their statements, meet listed qualification requirements, and pay the stated fees. Certain producers also must hold the life line, pass securities exams, and register under securities laws. Business entities acting as insurance producers must obtain a license and designate a licensed individual responsible for compliance. The commissioner may request documents, and special rules apply to limited line credit insurance instruction and service representative licenses.
(a) An individual applying for a resident insurance producer license shall make application to the commissioner on the Uniform Application declaring 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 individual’s knowledge and belief. Before approving the application, the commissioner shall find that the individual has satisfied all of the following: (1) Is at least 18 years of age. (2) Has not committed any act that is a ground for denial, suspension, or revocation set forth in Section 27-7-19. (3) Has successfully passed the examination for the lines of authority for which the individual has applied, except that no examination shall be required of an applicant as follows: a. All applicants for a license to transact only one or more of the limited lines insurance. b. All applicants for a license to transact the variable life and variable annuity products line of authority. c. All producers lawfully licensed as such for a particular line of authority immediately prior to January 1, 2013, are exempt from the requirements of this subdivision for that line of authority unless, after January 1, 2013, the license is permitted to expire or is otherwise terminated and remains out of effect for a period of 12 consecutive months, in which case the exemption from examination shall no longer be applicable. d. All service representatives. (4) Has paid the fees set forth in Section 27-4-2. (b) All producers seeking to be licensed for or holding the variable life and variable annuity product line of authority must also hold the life line of authority as an insurance producer and must also successfully complete the appropriate securities examinations and be registered under applicable federal and state securities laws. (c) A business entity acting as an insurance producer is required to obtain an insurance producer license. Application shall be made using the Uniform Business Entity Application. Before approving the application, the commissioner shall find that the business entity has satisfied both of the following: (1) A licensed individual producer has been designated responsible for the business entity’s compliance with the insurance laws, rules, and regulations of this state. (2) The business entity has paid the fees set forth in Section 27-4-2. (d) The commissioner may require any documents reasonably necessary to verify the information contained in an application. (e) Each insurer that sells, solicits, or negotiates any form of limited line credit insurance shall provide a program of instruction to each individual whose duties will include selling, soliciting, or negotiating limited line credit insurance . (f)(1) A new license as a service representative may not be issued by the commissioner after January 1, 2024. (2) Any person holding a valid service representative license on January 1, 2024, may continue to renew the license after that date if the person otherwise meets the requirements of this section. (3) If any service representative license expires and is not renewed for a period of 12 consecutive months, the license shall not be renewed by the commissioner or otherwise reactivated.