Section 384.043

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 384

Effective - 28 Aug 2009, 5 histories, see footnote   (history) 

  384.043.  Licensing requirements for insurance producers, fee — examination, exception — renewal, when, violation, effect. — 1. No insurance producer shall procure any contract of surplus lines insurance with any nonadmitted insurer, unless he possesses a current surplus lines insurance license issued by the director.

  2. The director shall issue a surplus lines license to any qualified holder of a current resident or nonresident property and casualty insurance producer license but only when the licensee has:

  (1) Remitted the one hundred dollar initial fee to the director;

  (2) Submitted a completed license application on a form supplied by the director; and

  (3) Passed a qualifying examination approved by the director, except that all holders of a license prior to July 1, 1987, shall be deemed to have passed such an examination.

  3. Each surplus lines license shall be renewed for a term of two years on the biennial anniversary date of issuance and continue in effect until refused, revoked or suspended by the director in accordance with section 384.065; except that if the biennial renewal fee for the license is not paid on or before the anniversary date, the license terminates. The biennial renewal fee is one hundred dollars.

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(L. 1987 H.B. 700 § 13, A.L. 1989 S.B. 250, A.L. 1990 H.B. 1739, A.L. 2001 S.B. 193 merged with S.B. 605, A.L. 2004 S.B. 1299, A.L. 2009 H.B. 577)