AI-assisted research summary: Insurance producer licenses are issued if requirements are met, can stay active if fees and education are current, and must be updated when status changes.
(a) Except as provided in section 431:9A-112, a person who has met the requirements of sections 431:9A-105 and 431:9A-106 shall be issued an insurance producer license. An insurance producer may receive a license in one or more of the following lines of authority: (1) Life: insurance coverage on human lives, including benefits of endowment and annuities, benefits in the event of death or dismemberment by accident, and benefits for disability income; (2) Accident and health or sickness: insurance coverage for sickness, bodily injury, or accidental death and benefits for disability income; (3) Property: insurance coverage for the direct or consequential loss or damage to property of every kind; (4) Casualty: insurance coverage against legal liability, including that for death, injury, or disability or damage to real or personal property; (5) Variable life and variable annuity products: insurance coverage provided under variable life insurance contracts and variable annuities; (6) Personal: property and casualty insurance coverage sold to individuals and families for primarily noncommercial purposes; (7) Credit: limited line credit insurance; or (8) Any other line of insurance permitted under state law or rule. (b) Except as provided in section 431:9A-112, an insurance producer license shall remain in effect so long as the fee set forth in section 431:7-101 is paid and the educational requirements for resident individual producers are timely met. (c) An insurance producer who allows the producer's license to become inactive for nonpayment of the renewal fee may reinstate that license without the necessity of passing a written examination, if the fee payable and a penalty in the amount of fifty per cent of then unpaid fees are paid within twenty-four months from the inactivation date and the producer is in compliance with all requirements of chapter 431. If the license is not reinstated within the twenty-four-month period, the license shall automatically expire. (d) A licensed insurance producer who is unable to comply with license renewal procedures due to military service or an extenuating circumstance as determined by the commissioner may request a waiver of those procedures. The producer also may request a waiver of any examination requirement or any other fine or sanction imposed for failure to comply with renewal procedures. (e) The license shall contain the licensee's name, address, personal identification number, and the date of issuance, the lines of authority, the expiration date, and any other information the commissioner deems necessary. (f) A licensee shall: (1) Inform the commissioner by any means acceptable to the commissioner of any change of status within thirty days of the change; and (2) Report any change of status to the business registration division if the licensee is a business entity registered with the department of commerce and consumer affairs pursuant to title 23 or title 23A, or if the licensee has registered a trade name pursuant to part II of chapter 482. Failure to timely inform the commissioner or the business registration division of a change of status may result in a penalty pursuant to section 431:2-203. As used in this subsection, "change of status" includes but shall not be limited to change of legal name, assumed name, trade name, business address, home address, mailing address, business phone number, business fax number, business electronic mail address, or business website address. (g) In order to assist in the performance of the commissioner's duties, the commissioner may contract with nongovernmental entities, including the National Association of Insurance Commissioners or any affiliates or subsidiaries that the National Association of Insurance Commissioners oversees, to perform any ministerial functions, including the collection of fees, related to producer licensing as agreed upon by the commissioner and the nongovernmental entity. [L 2001, c 216, pt of §2; am L 2002, c 155, §31; am L 2003, c 212, §60; am L 2004, c 122, §28; am L 2006, c 154, §26; am L 2010, c 4, §8 and c 116, §1(7)]