California Code of Regulations
Title 10 - Investment
Chapter 5 - Insurance Commissioner
Subchapter 3 - Insurers
Article 11 - Separate Account or Accounts-Variable Contracts
Section 2533.1 - Agent Licensing Procedures

(a) A person may obtain a license as a variable contract agent by:

(b) The examination will be given in such places and at such times as the Commissioner shall from time to time designate. After filing a completed application for license as a variable contract agent, the applicant shall be notified of the date of the examination for which he is scheduled.

(c) Evidence must be presented that the applicant (1) has complied with the requirements provided in Subsection (a) (4); or (2) is currently registered with the Securities and Exchange Commission or the National Association of Securities Dealers, Inc. as a broker-dealer; or (3) is currently associated with a broker-dealer or is an NASD-registered representative and has met qualification requirements with respect to such association.

(d) Every applicant applying for license as a variable contract agent shall satisfactorily complete the examination required by Subsection (a) (3) with a grade of at least seventy percent (70%), or shall present evidence of successful completion of a variable contract examination given under the supervision of an insurance department of any State or Territory of the United States during any part of the license year in which the application is filed or the immediately preceding license year.

(e) Examination results will be reported by this Department to any other State Insurance Department requesting confirmation of the examination grade, either upon request of such Department or upon request of the applicant or his appointing company on payment of the fee provided in Section 12973 of the Insurance Code.

(f) Records of the examination grade of each applicant upon an examination administered by this Department, or upon an examination administered by another agency or authority and reported to this Department, will be retained in the file pertaining to said applicant.

(g) Any person licensed in this State as a variable contract agent shall immediately report to the Commissioner (1) any suspension or revocation of his variable contract agent's license or life agent's license in any other State or Territory of the United States; (2) the imposition of any disciplinary sanction (including suspension or expulsion from membership, suspension or revocation of or denial of registration) imposed upon him by any national securities exchange, or national securities association, or any federal, or state or territorial agency with jurisdiction over securities or contracts on a variable basis, any order, judgment or injunction entered against him on the basis of conduct deemed to have involved fraud, deceit, misrepresentation, or violation of any insurance or securities law or regulation.

(h) The Commissioner may reject any application or suspend or revoke or refuse to renew any variable contract agent's license upon any ground that would bar such applicant or such agent from being licensed to sell life insurance contracts in this State. The rules governing any proceeding relating to the suspension or revocation of a life insurance agent's license shall also govern any proceeding for suspension or revocation of a variable contract agent's license.

(i) Renewal of a variable contract agent's license shall follow the same procedure established for renewal of an agent's license to sell life insurance contracts in this State.