Nebraska Administrative Code
Topic - INSURANCE, DEPARTMENT OF
Title 210 - NEBRASKA DEPARTMENT OF INSURANCE
Chapter 15 - VARIABLE LIFE INSURANCE CONTRACTS
Section 210-15-011 - Qualifications of agents for the sale of variable life insurance

Universal Citation: 210 NE Admin Rules and Regs ch 15 ยง 011

Current through September 17, 2024

011.01 Qualification to Sell Variable Life Insurance:

011.01A No person may sell or offer for sale in this state any variable life insurance policy unless such person is an agent and has filed with the Director, in a form satisfactory to the Director, evidence that such person holds any license or authorization which may be required for the solicitation or sale of variable life insurance.

011.01B Any examination administered by the Department for the purpose of determining the eligibility of any person for licensing as an agent shall, after the effective date of this regulation, include such questions concerning the history, purpose, regulation, and sale of variable life insurance as the Director deems appropriate.

011.02 Reports of Disciplinary Actions

Any person qualified in this state under Section 011 to sell or offer to sell variable life insurance shall immediately report to the Director:

011.02A Any suspension or revocation of his agent's license in any other state or territory of the United States:

011.02B 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, state, or territorial agency with jurisdiction over securities or variable life insurance.

011.02C Any 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.

011.03 Refusal to Qualify Agent to Sell Variable Life Insurance

Suspension, Revocation, or Nonrenewal of Qualification: The Commissioner may reject any application or suspend or revoke or refuse to renew any agent's qualification under this Section 011 to sell or offer to sell variable life insurance upon any ground that would bar such applicant or such agent from being licensed to sell other life insurance contracts in this state. The rules governing any proceeding relating to the suspension or revocation of an agent's license shall also govern any proceeding for suspension or revocation of an agent's qualification to sell or offer to sell variable life insurance.

Disclaimer: These regulations may not be the most recent version. Nebraska may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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