Section 384.043

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 384

Effective - 28 Aug 2004, 5 histories, see footnote   (history) 

  384.043.  Licensing requirements for insurance producers, fee — bond — 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 annually on the 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 annual renewal fee for the license is not paid on or before the anniversary date, the license terminates. The annual renewal fee is fifty 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)