Section 375.017

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 375

Effective - 01 Jan 2003, see footnote   

  375.017.  Nonresident producer's license. — 1.  Unless denied licensure pursuant to section 375.141, a nonresident person shall receive a nonresident producer license if:

  (1)  The person is currently licensed as a resident and in good standing in his or her home state;

  (2)  The person has submitted the proper request for licensure and has paid the fees prescribed by the director;

  (3)  The person has submitted or transmitted to the director the application for licensure that the person submitted to his or her home state, or in lieu of the same, a completed uniform application or the uniform business entity application; and

  (4)  The home state of the person awards nonresident producer licenses to residents of this state on the same basis.

  2.  The director may verify the licensing status of the nonresident producer through the producer database maintained by the National Association of Insurance Commissioners, its affiliates or subsidiaries or through any other method the director deems appropriate.

  3.  A nonresident producer who moves from one state to another state or a resident producer who moves from this state to another state shall file a change of address within thirty days of the change of legal residence.

  4.  Notwithstanding any other provision of this chapter, a person licensed as a surplus lines licensee or producer in his or her home state shall receive a nonresident surplus lines license pursuant to subsection 1 of this section.  Except as provided in subsection 1 of this section, nothing in this section otherwise amends or supercedes any provision of chapter 384.

  5.  Notwithstanding any other provision of this chapter, a person licensed as a limited line credit insurance producer or other type of limited lines producer in his or her home state shall receive a nonresident limited lines producer license, pursuant to subsection 1 of this section, granting the same scope of authority as granted under the license issued by the home state of the producer.  For the purposes of this subsection, limited line insurance is any authority granted by the home state which restricts the authority of the license to less than the total authority prescribed in the associated major lines pursuant to subdivisions (1) to (6) of subsection 1 of section 375.018.

  6.  A satisfaction by the nonresident producer of the continuing education requirements of his or her home state for licensed insurance producers shall constitute satisfaction of the continuing education requirements of this state if the home state of the nonresident producer recognizes the satisfaction of its continuing education requirements imposed upon producers from this state on the same basis.  This subsection shall also apply to surplus lines licensees licensed pursuant to chapter 384.

  7.  The director shall not assess a greater fee for an insurance producer license or related service to a person not residing in the state solely on the fact that the person does not reside in this state.  The director shall waive any license application requirements for a nonresident license applicant with a valid license from his or her home state, except the requirements imposed by subsection 1 of this section, if the applicant's home state awards nonresident licenses to residents of this state on the same basis.

­­--------

(L. 1967 p. 516, A.L. 1981 S.B. 10, A.L. 2000 S.B. 896, A.L. 2001 S.B. 193)

Effective 1-01-03