Current through Register Vol. 35, No. 18, September 24, 2024
A.
Necessity and duration of
license. The superintendent may issue a temporary insurance producer
license to an individual for a period not to exceed 180 days without requiring
an examination if the superintendent determines that the temporary license is
necessary for the servicing of an insurance business in the following
situations:
(1) to the surviving spouse or
court-appointed personal representative of a licensed individual insurance
producer who dies or becomes mentally or physically disabled, in order to allow
adequate time for the sale of the producer's insurance business, for the
producer's recovery and return to the business or to provide for the training
and licensing of new personnel to operate the insurance producer's
business;
(2) to an individual who
is a member or employee of a business entity upon the death or disability of an
individual who is a DRLP with respect to the business entity;
(3) to the designee of a licensed insurance
producer entering active service in the armed forces of the United States;
or
(4) in any other circumstance in
which the superintendent determines that the public interest will best be
served by issuance of the license.
B.
Limitations.
(1) An applicant will not be issued a
temporary license unless supervised by a suitable sponsor who is a licensed
insurance producer or by an insurer who assumes responsibility for all acts of
the temporary licensee.
(2) The
superintendent may impose other limitations on the authority of any temporary
licensee to protect insureds and the public.
(3) The superintendent may revoke a temporary
insurance producer license if the interest of insureds or the public are
endangered.
(4) A temporary license
shall not continue after the owner or personal representative disposes of the
business.
C.
Application granted. Upon application for a temporary insurance
producer license, the insurer and the applicant may assume that the license
will be issued in due course, effective as of the date the application was
filed with the superintendent, unless the superintendent notifies the insurer
to the contrary within 15 days after the date of application.
