Current through Register Vol. 49, No. 6, March 15, 2024
PURPOSE: This rule prescribes the information to be
contained in, and the documents to accompany, applications for license as title
agency and title agent.
(1)
Application Forms. The following forms have been adopted and approved for
filing with the department:
(A) The Uniform
Application for Individual Insurance Producer License form (Form UA-IP),
adopted by the NAIC on May 10, 2006, or any form which substantially comports
with the specified form;
(B) The
Uniform Application for Business Entity Insurance Producer License form (Form
UA-BEP), adopted by the NAIC on May 10, 2006, or any form which substantially
comports with the specified form; and
(C) The report of agency's owners, any
ownership interests in other persons or businesses, and all material
transactions between the parties under section 381.029.3, RSMo (Form T-5), or
any form which substantially comports with the specified form.
(2) Application and Fees.
Application for licensure as a title agent or title agency shall contain the
information and requirements outlined for insurance producers in sections
375.015
to
375.018,
RSMo, and this rule, and may be submitted by electronic means to the National
Insurance Producer Registry (NIPR) or other system(s) as the director may
designate.
(A) Initial Licensure.
1. Resident Title Agent/Individual Insurance
Producer:
A. A completed Form UA-IP;
and
B. One hundred dollar ($100)
application fee.
2.
Nonresident Title Agent/Individual Insurance Producer:
A. A completed Form UA-IP; and
B. One hundred dollar ($100) application
fee.
3. Resident Title
Agency/Business Entity Insurance Producer:
A.
A completed Form UA-BEP;
B. One
hundred dollar ($100) application fee;
C. Designation of a qualified
principal;
D. List of
Missourilicensed title agents conducting business on behalf of the title
agency;
E. Domestic corporations,
limited liability companies, or limited liability partnerships must include a
certificate of good standing, certificate of incorporation, or certificate of
organization issued by the secretary of state and dated within the past year.
Partnerships must include a copy of the fictitious name registration as issued
by the secretary of state; and
F. A
completed Form T-5. 4. Nonresident Title Agency/Business Entity Insurance
Producer:
A. A completed Form
UA-BEP;
B. One hundred dollar
($100) application fee;
C.
Designation of a qualified principal;
D. List of Missouri-licensed title agents
conducting business on behalf of the title agency;
E. Corporations, limited liability companies,
limited liability partnerships or other entities must include a certificate of
good standing, certificate of incorporation, or certificate of organization
issued by the state of residency and dated within the past year; and
F. A completed Form T-5.
(B) Renewal
Application.
1. Title Agents/Individual
Producers:
A. An updated Form UA-IP. If
applying for renewal through NIPR, the application is deemed submitted at the
time of fee payment pursuant to the producer's continuing duty to amend the
application in sections
375.018
and
375.141,
RSMo; and
B. One hundred dollar
($100) application fee.
2. Title Agencies/Business Entity Producers:
A. An updated Form UA-BEP. If applying for
renewal through NIPR, the application is deemed submitted at the time of fee
payment pursuant to the producer's continuing duty to amend the application in
sections
375.018
and
375.141,
RSMo;
B. One hundred dollar ($100)
application fee;
C. List of
Missouri-licensed producers conducting business on behalf of the business
entity; and
D. A completed Form
T-5.
(C)
Provisional Title Agent Licensure.
1. An
employee of a licensed title agency or title insurer under the direct
supervision of a licensed title agent may apply for a provisional title agent
license by submitting the following:
A. A
completed Form UA-IP;
B. One
hundred dollar ($100) application fee; and
C. An acknowledgment that:
(I) The applicant's initial employment or
initiation of new functions requiring a title agent license has been within the
past six (6) months;
(II) The
applicant is under the direct supervision of a licensed title agent;
and
(III) Unless the examination
requirement of
20 CSR
700-8.150 is met within the six (6) months of the
applicant's initial employment or initiation of new functions requiring a title
agent license, the provisional license will expire.
2. If the title agent takes and
passes within six (6) months of the agent's initial employment or initiation of
new functions requiring license the examination required under
20 CSR
700-8.150, the director will grant a full license
under this rule without a renewed application or additional fee.
3. If the title agent fails to take and pass
within six (6) months of the agent's initial employment (or initiation of new
functions requiring license) the examination required under
20 CSR
700-8.150, the provisional license may be summarily
cancelled by the director.
(D) All fees must be paid by cashier's check,
money order, company check or electronic funds transfer. Fees submitted with
electronic applications shall be paid by electronic funds transfer, credit card
or other methods approved by the director or the director's designee under this
rule.
(E) Application and renewal
fees are not refundable if an application is refused by the director under
section
375.141,
RSMo, or withdrawn by the applicant.
(3) Failure to Timely Apply for Renewal. If a
producer fails to file for a license renewal on or before the license
expiration date, the director may issue a renewal of the license upon payment
of a late renewal fee of twenty-five dollars ($25) per month or fraction of a
month after the renewal deadline in addition to the renewal fee designated in
subsection (2)(B) of this rule. In the alternative to payment of a late renewal
fee, the former licensee may apply for a new license except that the former
licensee must comply with all provisions of sections
375.015
and
381.118,
RSMo regarding issuance of a new license.
(4) Availability of Forms. The department,
upon request, will supply in printed format the forms listed in this rule.
Accurate reproduction of the forms may be utilized for filing in lieu of the
printed forms. All application forms referenced herein are available at
http://www.insurance.mo.gov.
*Original authority: 374.045, RSMo 1967, amended 1993,
1995; 381.042, RSMo 2000, amended 2007; and 381.115, RSMo 2000, amended
2007.
