56-6-106 - Application for license.
56-6-106. Application for license.
(a) An individual residing in this state applying for an insurance producer license shall make application to the commissioner on the uniform application and declare 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:
(1) Is at least eighteen (18) years of age;
(2) Has not committed any act that is a ground for denial, suspension or revocation set forth in § 56-6-112;
(3) Has completed a prelicensing course of study for the lines of authority for which the person has applied;
(4) Has paid the fees set forth in § 56-6-121; and
(5) Has successfully passed the examinations for the lines of authority for which the person has applied.
(b) A business entity may obtain an insurance producer's license; however, only an individual licensed producer or limited lines producer shall sell, solicit or negotiate a contract of insurance in this state. Application shall be made using the uniform business entity application. An individual authorized and acting on behalf of the business entity shall declare 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:
(1) The business entity has paid the applicable fees set forth in § 56-6-121; and
(2) The business entity has designated a principal or officer who also holds a current producer license responsible for the business entity's compliance with the insurance laws, rules and regulations of this state.
(c) The commissioner may require any documents reasonably necessary to verify the information contained in an application.
[Acts 2002, ch. 798, § 7; 2007, ch. 228, § 2.]