§ 27-2.4-13 - Temporary licenses.
SECTION 27-2.4-13
§ 27-2.4-13 Temporary licenses. – (a) The insurance commissioner may issue a temporary insurance producer licensefor a period not to exceed one hundred eighty (180) days without requiring anexamination if the insurance commissioner deems that the temporary license isnecessary for the servicing of an insurance business in the following cases:
(1) To the surviving spouse or court-appointed personalrepresentative of a licensed insurance producer who dies or becomes mentally orphysically disabled to allow adequate time for the sale of the insurancebusiness owned by the insurance producer or for the recovery or return of theinsurance producer to the business or to provide for the training and licensingof new personnel to operate the insurance producer's business; or
(2) To a member or employee of a business entity operated bya licensed insurance producer, upon the death or disability of that individual;or
(3) To the designee of a licensed insurance producer enteringactive service in the armed forces of the United States of America; or
(4) In any other circumstance where the insurancecommissioner deems that the public interest will best be served by the issuanceof this license.
(b) The insurance commissioner may by order limit theauthority of any temporary insurance producer in any way deemed necessary toprotect the insured and the public. The insurance commissioner may require thetemporary insurance producer to have a suitable sponsor who is a licensedinsurance producer or insurer and who assumes responsibility for all acts ofthe temporary insurance producer and may impose other similar requirementsdesigned to protect the insured and the public. The insurance commissioner mayby order revoke a temporary license if the interest of the insured or thepublic are endangered. A temporary license may not continue after the owner orthe personal representative disposes of the business.