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Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

  Chapter 375back to chapter 375

  375.141.  Suspension, revocation, refusal of license — grounds — procedure. — 1.  The director may suspend, revoke, refuse to issue or refuse to renew an insurance producer license for any one or more of the following causes:

  (1)  Intentionally providing materially incorrect, misleading, incomplete or untrue information in the license application;

  (2)  Violating any insurance laws, or violating any regulation, subpoena or order of the director or of another insurance commissioner in any other state;

  (3)  Obtaining or attempting to obtain a license through material misrepresentation or fraud;

  (4)  Improperly withholding, misappropriating or converting any moneys or properties received in the course of doing insurance business;

  (5)  Intentionally misrepresenting the terms of an actual or proposed insurance contract or application for insurance;

  (6)  Having been convicted of a felony or crime involving moral turpitude;

  (7)  Having admitted or been found to have committed any insurance unfair trade practice or fraud;

  (8)  Using fraudulent, coercive, or dishonest practices, or demonstrating incompetence, untrustworthiness or financial irresponsibility in the conduct of business in this state or elsewhere;

  (9)  Having an insurance producer license, or its equivalent, denied, suspended or revoked in any other state, province, district or territory;

  (10)  Signing the name of another to an application for insurance or to any document related to an insurance transaction without authorization;

  (11)  Improperly using notes or any other reference material to complete an examination for an insurance license;

  (12)  Knowingly acting as an insurance producer when not licensed or accepting insurance business from an individual knowing that person is not licensed;

  (13)  Failing to comply with an administrative or court order imposing a child support obligation; or

  (14)  Failing to comply with any administrative or court order directing payment of state or federal income tax.

  2.  In the event that the action by the director is not to renew or to deny an application for a license, the director shall notify the applicant or licensee in writing and advise the applicant or licensee of the reason for the denial or nonrenewal.  Appeal of the nonrenewal or denial of the application for a license shall be made pursuant to the provisions of chapter 621.

  3.  The license of a business entity licensed as an insurance producer may be suspended, revoked, renewal refused or an application may be refused if the director finds that a violation by an individual insurance producer was known or should have been known by one or more of the partners, officers or managers acting on behalf of the business entity and the violation was neither reported to the director nor corrective action taken.

  4.  The director may also revoke or suspend pursuant to subsection 1 of this section any license issued by the director where the licensee has failed to renew or has surrendered such license.

  5.  Every insurance producer licensed in this state shall notify the director of any change of address, on forms prescribed by the director, within thirty days of the change.  If the failure to notify the director of the change of address results in an inability to serve the insurance producer with a complaint as provided by sections 621.045 to 621.198, then the director may immediately revoke the license of the insurance producer until such time as service may be obtained.

  6.  An insurance producer shall report to the director any administrative action taken against the producer in another jurisdiction or by another governmental agency in this state within thirty days of the final disposition of the matter.  This report shall include a copy of the order, consent order or other relevant legal documents.

  7.  Within thirty days of the initial pretrial hearing date, a producer shall report to the director any criminal prosecution for a felony or a crime involving moral turpitude of the producer taken in any jurisdiction.  The report shall include a copy of the indictment or information filed, the order resulting from the hearing and any other relevant legal documents.

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(L. 1961 p. 504 § 11, L. 1965 p. 569 § 375.028, A.L. 1967 p. 516, A.L. 1981 S.B. 10, A.L. 1984 S.B. 570, A.L. 1989 H.B. 615 & 563, A.L. 1993 H.B. 709, A.L. 2001 S.B. 193)

Effective 1-01-03


< end of effective 01 Jan 2003 >

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