Current through Register Vol. 56, No. 18, September 16, 2024
(a) The terms of individual producer licenses
are established as set forth below.
1. The
first term of licenses that are initially issued shall expire on the last day
of the birth month of the producer in the year that will result in the term of
the license being at least 18 months.
2. All such licenses shall thereafter expire
biennially on the last day of the birth month of the individual producer that
is two years subsequent to the preceding expiration date.
3. For example, a producer is initially
licensed on February 1, 2007. His or her birth month is March. The second birth
month after the February 1, 2007 issue date is March 2008 (less than 18
months). In this case, the first renewal will be March 31, 2009, and subsequent
renewals would be on March 31, 2011, March 31, 2013, and so on. If the birth
month was September, the second September 30 following the February 1, 2007
issue date would be September 30, 2008, more than 18 months from issuance.
Thus, the license would initially renew on September 30, 2008 and thereafter on
September 30, 2010, September 30, 2012, and so on.
(b) The terms of business entity producer
licenses are established as set forth below.
1. The first term of licenses initially
issued shall expire on May 31 of the first year that will result in the term of
the license being at least 18 months.
2. All such licenses shall thereafter expire
biennially on the second May 31 date that is two years subsequent to the
preceding expiration date.
3.For
example, a business entity license renews on February 1, 2007. Since the second
May 31 following this renewal (May 31, 2008) is less than 18 months from the
prior renewal date, the license would not expire until May 31, 2009, and
subsequent renewals would be on May 31, 2011, May 31, 2013, and so on. If the
business entity renewed on October 31, 2007, the license would expire on May
31, 2009, since the license term would be more than 18 months and, if renewed,
again expire on May 31, 2011, May 31, 2013, and so on.
(c) An insurance producer license shall
remain in effect unless revoked or suspended as long as the renewal fee set
forth in 11:17-2.13 is timely paid and, in
the case of resident individual insurance producers, education requirements are
timely satisfied.
(d) An initial
license shall be deemed effective as of the date of issuance of any temporary
authority issued pursuant to
11:17-2.5(a) if
the application for licensure and applicable fees are received by the
Department prior to expiration of the temporary authority.
