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Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 375

previous next Effective - 01 Jan 2003, see footnotebottom

  375.016.  Examination required for insurance producer's license. — 1.  A resident individual applying for an insurance producer license shall pass a written examination unless exempt pursuant to subsection 5, 6 or 7 of this section.  The examination shall test the knowledge of the individual concerning the lines of authority for which application is made, the duties and responsibilities of an insurance producer and the insurance laws and regulations of this state.  Examinations required by this section shall be developed and conducted pursuant to the rules and regulations prescribed by the director.

  2.  The director may make arrangements, including contracting with an outside testing service, for administering examinations.

  3.  Each individual applying for an examination shall remit a nonrefundable fee as prescribed by the director.

  4.  An individual who fails to appear for the examination as scheduled or fails to pass the examination may reapply for an examination and shall remit all required fees and forms before being rescheduled for another examination.

  5.  An individual who applies for an insurance producer license in this state who was previously licensed for the same lines of authority in another state shall not be required to complete any examination.  This exemption is only available if the person is currently licensed in that state or if the application is received within ninety days of the cancellation of the previous license and if the prior state issues a certification that, at the time of cancellation, the applicant was in good standing in that state.  The director may also verify that the applicant is or was licensed in good standing for the lines of authority requested through the producer database records, maintained by the National Association of Insurance Commissioners, its affiliates or subsidiaries, or any other method the director deems appropriate.

  6.  An individual licensed as an insurance producer in another state who moves to this state shall make application within ninety days of establishing legal residence to become a resident insurance producer pursuant to subsection 1 of this section.  No examination shall be required of that person to obtain any line of authority previously held in the prior state except where the director determines otherwise by regulation.

  7.  Individuals applying for limited lines producer licenses shall be exempt from examination.

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(L. 1965 p. 569, A.L. 1967 p. 516, A.L. 1981 S.B. 10, A.L. 2001 S.B. 193)

Effective 1-01-03


---- end of effective   01 Jan 2003 ----

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