New Jersey Administrative Code
Title 11 - INSURANCE
Chapter 17 - PRODUCER LICENSING
Subchapter 2 - LICENSING RULES
Section 11:17-2.3 - Application filing requirements for initial licenses
Universal Citation: NJ Admin Code 11:17-2.3
Current through Register Vol. 56, No. 18, September 16, 2024
(a) Requirements for a first time applicant for an individual license are as follows:
1. A properly completed application,
in a form, including electronic online submissions, approved by the Department
or the current version of the NAIC uniform application for individual producers
in effect at the time of application, requesting issuance of an insurance
producer license with one or more authorities, which shall contain the
applicant's legal name, home address, date of birth, social security number,
business mailing and location address, business trade name, if any, and
responses to questions concerning the applicant's character and fitness for
licensing. The application must be signed, dated and certified to be correct by
the applicant or, in electronic online submissions, by the authorized
submitter. In lieu of the NAIC uniform application, a nonresident applicant may
submit a copy of the application for licensure submitted to the home state with
a statement certifying to the truthfulness and accuracy of all responses to the
questions concerning the applicant's character and fitness for licensure as of
the date of the submission of the certification;
2. If a resident, when required, a
certificate evidencing completion of an approved course of prelicensing
education or a certificate evidencing waiver of that requirement; and a
certificate evidencing that the applicant has passed the State licensing
examination for the authority or authorities requested not longer than one year
prior to the application date, or a certificate evidencing waiver of the
examination requirement pursuant to
17:22A-35;
3. If a nonresident, the applicant shall
certify that he or she holds a currently valid license authorizing transaction
of insurance business in the applicant's home state for the kinds of insurance
for which application is made;
4.
Any documents or statements required to explain responses to questions
concerning the applicant's character, fitness or financial
responsibility;
5. If a resident
and applying for major lines of authority (excluding limited lines of
authority) or bail bonds authority, properly completed criminal history
requests and fingerprint forms in a format prescribed by the Department, which
shall include electronic fingerprinting; and
6. Payment of the fees required in accordance
with 11:17-2.13.
(b) A first time applicant for a business entity license shall submit the following:
1.
A properly completed application in a form, including electronic online
submissions, approved by the Department or the current version of the NAIC
uniform application for business entities in effect at the time of application,
requesting issuance of an insurance producer license for one or more
authorities, which shall contain the business entity's legal name; business
mailing and location address; other business names, if any; names, license
numbers, if any, and license authorities of each licensed officer or partner;
names, addresses, and license numbers, if any, of all persons owning 10 percent
or more of the business entity; and responses to questions concerning the
applicant's character, fitness, and financial responsibility. The application
must be dated, signed and certified to be correct by an officer or partner of
the organization. In lieu of the NAIC uniform application, a nonresident
applicant may submit a copy of the application for licensure submitted to the
home state;
2. If the applicant is
a corporation, limited liability company, limited partnership or limited
liability partnership, applying for a resident license, a copy of the original
business certificate stamped "filed" by the Department of Treasury, Division of
Revenue Business Services, County Clerk or other authority as applicable or a
certificate filed by the Department of Treasury, Division of Business Services
authorizing the applicant to transact business in New Jersey. If the
application includes a business name other than the organization's legal name,
the applicant shall also submit a certificate stamped "filed" by the Department
of Treasury, Division of Business Services, County Clerk or other authority, as
applicable, confirming that the business name has been properly
recorded;
3. If the applicant is a
business entity applying for a nonresident license, a certification evidencing
that the applicant is authorized in the home state to transact insurance
business with comparable authorities, if such verification is not available on
the Producer Licensing Database maintained by the NAIC;
4. For resident business entities requesting
major line(s) authority (excluding limited lines of authority) or bail bond
authority, properly completed fingerprint forms in a format prescribed by the
Department, which shall include electronic fingerprinting, for each officer,
director, partner, or owner of 10 percent or more of the applicant business
entity;
5. Any documentation
required to explain responses to questions and concerning the applicant's
character, fitness and financial responsibility; and
6. Payment of the fees required by N.J.A.C.
11:17-2.13.
(c) Failure to pay a license fee due to "not sufficient funds" or otherwise non-negotiable instrument shall void any license issued in reliance thereon by the Commissioner. Any business written during the period prior to payment shall be deemed in violation of 17:22A-29 and shall subject the applicant to penalties in addition to the penalties prescribed at 11:17D-2.4(a)3 for checks returned for insufficient funds, and, when applicable, a late renewal fee.
Disclaimer: These regulations may not be the most recent version. New Jersey 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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