56-6-107 - License.
56-6-107. License.
(a) Unless denied licensure pursuant to § 56-6-112, persons who have met the requirements of §§ 56-6-105 and 56-6-106 shall be issued an insurance producer license. A resident insurance producer may receive a license in one (1) or more of the following lines of insurance:
(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 disability income;
(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 property;
(5) Variable life and variable annuity products insurance coverage provided under variable life insurance contracts and variable annuities;
(6) Personal lines property and casualty insurance coverage sold to individuals and families for primarily noncommercial purposes;
(7) Credit limited line credit insurance; and
(8) Any other line of insurance permitted under this title or regulations promulgated under this title.
(b) (1) For licenses issued or renewed on or after January 1, 2007, the licenses shall remain in effect for twenty-four (24) months from the last day of the licensee's birth month.
(2) Business entity licenses will expire biennially on March 1.
(c) At the end of the twenty-four (24) months, the insurance producer license may be renewed, subject to the limitations set forth in § 56-6-112, by paying the applicable fee set forth in § 56-6-121 and submitting the renewal form prescribed by the commissioner. In addition, and subject to the exception found in § 56-6-118, an insurance producer license will not be renewed unless the insurance producer has completed all continuing education requirements, as established by rule; however, the continuing education requirements shall not apply to the following:
(1) An insurance producer who has been continuously licensed since January 1, 1994; and
(2) An insurance producer that is a business entity.
(d) An insurance producer who allows the license to lapse may, within twelve (12) months from the due date of the renewal fee, reinstate the same license without the necessity of passing a written examination; however, a penalty in the amount of double the unpaid renewal fee shall be required for any renewal fee received after the due date.
(e) A licensed insurance producer who is unable to comply with the license renewal procedures of this section due to military service or some other extenuating circumstance, e.g., a long-term medical disability, may request a waiver of the license renewal procedures. The producer may also request a waiver of any examination requirement or any other sanction imposed for failure to comply with the renewal procedures.
(f) The license shall contain the licensee's name, address, insurance producer number, and the date of issuance, the lines of authority, the expiration date and any other information the commissioner deems necessary.
(g) A licensed insurance producer shall inform the commissioner by any means acceptable to the commissioner of a change of address within thirty (30) days of the change. Failure to timely inform the commissioner of a change in legal name or address may result in a disciplinary action pursuant to § 56-6-112.
(h) In order to assist in the performance of the commissioner's duties, the commissioner may contract with non-governmental entities, including the NAIC or any affiliates or subsidiaries that the NAIC oversees, to perform any ministerial functions, including the collection of fees, related to producer licensing that the commissioner and the non-governmental entity may deem appropriate.
(i) In the commissioner's discretion, the commissioner shall have the authority to waive any continuing education requirements imposed by this section.
[Acts 2002, ch. 798, § 8; 2006, ch. 1018, § 3; 2008, ch. 1192, §§ 1, 2, 9.]