Current through Register Vol. 50, No. 9, September 20, 2024
A.
1. No
producer shall be eligible to sell or offer for sale a contract on a variable
basis unless, prior to making any solicitation or sale of such a contract, that
producer presents evidence of satisfactorily passing one of the following
written examinations upon securities and variable contracts and is afterwards
duly licensed to sell variable annuities in this state:
a. any state securities examination accepted
by the Securities and Exchange Commission;
b. the National Association of Securities
Dealers, Inc. examination for principals or examination for qualification as a
registered representative;
c. the
various securities examinations required by the New York Stock Exchange, the
American Stock Exchange, the Pacific Stock Exchange, or any other registered
national securities exchange;
d.
the Securities and Exchange Commission test given pursuant to 15 U.S.C. 78
o(b)(7) of the Securities Exchange Act of 1934.
2. Any producer who participates only in the
sale or offering for sale of variable contracts that are not registered under
the Federal Securities Act of 1933 need not be licensed as a variable contract
producer.
3. Any producer applying
for a license as a variable contract producer shall do so by filing an
application. All applications for a license shall be in writing on uniform
forms prescribed by the Commissioner of Insurance.
4. Any producer who participates only in the
sale or offering for sale of variable annuity contracts need not be licensed as
a life producer also. All other licensing requirements continue to
apply.
B. Any applicant
for license as a variable contract producer shall present evidence that the
applicant is currently registered with the Federal Securities and Exchange
Commission as a broker-dealer or is currently associated with a broker-dealer
and has met qualification requirements with respect to such
association.
C. Except as modified
by this regulation, refer to Title 22 Chapter 5 and the Insurance Regulations
of this Department governing the licensing of life insurance
producers.
D. Any person licensed
in this state as a variable contract producer shall immediately report to the
commissioner:
1. any suspension or revocation
of the producer's variable contract license or life insurance license, if so
licensed, in any other state or territory of the United States;
2. the imposition of any disciplinary
sanctions (including the suspension or expulsion from membership, suspension or
revocation of or denial of registration) imposed upon him/her by the National
Securities Exchange, The National Securities Association, or any federal,
state, or territorial agency with jurisdiction over securities or contracts on
a variable basis;
3. any judgment
or injunction entered against him/her on the basis of conduct deemed to have
involved fraud, deceit, misrepresentation, or violation of any insurance or
securities law or regulation.
E. The commissioner may reject any
application or suspend, revoke, or refuse to renew any producer's variable
contract license upon any ground that would bar such applicant or such producer
from being licensed to sell life insurance contracts in this state. The rules
governing any proceeding relating to the suspension or revocation of an
producer's life insurance license shall also govern any proceeding for
suspension or revocation of an producer's variable contract license.
F. A variable contract license shall be
renewed biannually.
AUTHORITY NOTE:
Promulgated in accordance with
R.S.
22:1500 of the Revised Statutes of
1950.
