The commissioner may issue a temporary insurance producer license for up to 180 days, and may limit, require a sponsor for, or revoke the licensee’s authority. The license ends when the business is disposed of.
1. The commissioner may issue a temporary insurance producer license for a period not to exceed one hundred eighty 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: a. To the surviving spouse or court-appointed personal representative of a licensed insurance producer who dies or becomes mentally or physically disabled, to allow adequate time for the sale of the insurance business owned by the insurance producer, for the recovery or return of the insurance producer to the business, or for the training and licensing of new personnel to operate the insurance producer’s business. b. To a member or employee of a business entity licensed as an insurance producer, upon the death or disability of an individual designated in the business entity application or the license. c. To the designee of a licensed insurance producer entering active service in the armed forces of the United States. d. In any other circumstance where the commissioner deems that the public interest will best be served by the issuance of a temporary license. e. To an applicant for a resident insurance producer license who has met all of the requirements under section 522B.5, subsection 1, and who has not been issued a resident insurance producer license within ten business days from the date that the applicant submitted fingerprints and any other required identifying information to the commissioner pursuant to section 522B.5A, subsection 3. f. To an applicant for a nonresident insurance producer license that has met all of the requirements under section 522B.7 and that has not been issued a nonresident insurance producer license within ten business days from that date that the applicant submitted fingerprints and any other required identifying information to the commissioner pursuant to section 522B.5A, subsection 3. 2. The commissioner may by order limit the authority of any temporary licensee in any way deemed necessary to protect insureds and the public. The commissioner may require the temporary licensee to have a suitable sponsor who is a licensed insurance producer or insurer and who assumes responsibility for all acts of the temporary licensee and may impose other similar requirements designed to protect insureds and the public. The commissioner may by order revoke a temporary license if the interest of insureds or the public is endangered. A temporary license shall not continue after the owner or the personal representative disposes of the business. 2001 Acts, ch 16, §24, 37; 2022 Acts, ch 1134, §27