New Jersey Administrative Code
Title 11 - INSURANCE
Chapter 17 - PRODUCER LICENSING
Subchapter 2 - LICENSING RULES
Section 11:17-2.15 - Surrender and cancellation of license; reinstatement after surrender

Universal Citation: NJ Admin Code 11:17-2.15

Current through Register Vol. 56, No. 18, September 16, 2024

(a) A licensee may surrender a current producer license by returning the license document to the Department for cancellation at any time before expiration. The Department may refuse to accept a request for cancellation of a business entity license unless all current licensed officers or partners consent to the request.

(b) A producer license may be reinstated after surrender during the same license period by completing an application in accordance with the provisions of 11:17-2.3. No additional license fee for that period shall be required but the processing fee provided in 11:17-2.13 shall be paid.

(c) Submitting a license for cancellation or allowing a license to expire shall not void or terminate any disciplinary proceedings against the licensee, nor prevent imposition of any penalty, ordered restitution or costs.

(d) In the event a license is lost or destroyed, a replacement may be printed using the NAIC-SBS license system accessed from the Department's website at www.dobi.nj.gov.

(e) Nothing in these rules shall authorize any person whose license has been revoked, suspended, cancelled or surrendered to continue to transact insurance business after the date of revocation, suspension, cancellation or surrender.

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