Montana Code 33-17-211. General qualifications — application for license
33-17-211. General qualifications — application for license. (1) An individual applying for a license shall apply in a form approved by the commissioner and declare under penalty of refusal, suspension, or revocation of the license that statements made in the application are true, correct, and complete to the best of the individual’s knowledge and belief. Before approving the application, the commissioner shall verify that the individual:
Terms Used In Montana Code 33-17-211
- Business entity: means a corporation, association, partnership, limited liability company, limited liability partnership, or other legal entity. See Montana Code 33-17-102
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Customary: means according to usage. See Montana Code 1-1-206
- Individual: means a natural person. See Montana Code 33-17-102
- License: means a document issued by the commissioner that authorizes a person to act as an insurance producer for the lines of authority specified in the document. See Montana Code 33-17-102
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Person: means an individual or a business entity. See Montana Code 33-17-102
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Montana Code 1-1-201
(a)is 18 years of age or older;
(b)has not committed an act that is a ground for refusal, suspension, or revocation as set forth in 33-17-1001;
(c)has paid the license fees stated in 33-2-708;
(d)has successfully passed the examinations for each kind of insurance for which the individual has applied within 12 months of application;
(e)is a resident of this state or of another state that grants similar privileges to residents of this state. Licenses issued based upon Montana state residency terminate if the licensee relocates to another state.
(f)is competent, trustworthy, and of good reputation;
(g)has experience or training or otherwise is qualified in the kind or kinds of insurance for which the applicant applies to be licensed and is reasonably familiar with the provisions of this code that govern the applicant’s operations as an insurance producer;
(h)if applying for a license as to life or disability insurance, except as permitted by 33-20-1501(1)(c)(ii):
(i)is not a funeral director, undertaker, or mortician operating in this or any other state;
(ii)is not an officer, employee, or representative of a funeral director, undertaker, or mortician operating in this or any other state; or
(iii)does not hold an interest in or benefit from a business of a funeral director, undertaker, or mortician operating in this or any other state; and
(i)has completed a background examination pursuant to 33-17-220.
(2)A resident or nonresident business entity acting as an insurance producer is required to obtain an insurance producer’s license. Application must be made in a form approved by the commissioner. To approve the application, the commissioner shall verify that:
(a)the business entity has paid the appropriate fee; and
(b)the business entity has designated an individual licensed insurance producer who is responsible for the business entity’s compliance with the insurance laws of this state.
(3)A person acting as an insurance producer shall obtain a license. A person shall apply for a license in a form approved by the commissioner. Before approving the application, the commissioner shall verify that:
(a)the person meets the requirements listed in subsection (1);
(b)the person has paid the licensing fees stated in 33-2-708 for each individual licensed in conjunction with the person’s license. A licensed person shall promptly notify the commissioner of each change relating to an individual listed in the license.
(c)the person has designated a licensed officer to be responsible for the person’s compliance with the insurance laws and rules of this state;
(d)each member, employee, officer, director, or stockholder of a business entity who is acting as an insurance producer in this state has obtained a license;
(e)(i) with respect to a business entity, the transaction of insurance business is within the purposes stated in the partnership agreement, the articles of incorporation, or other organizational documents; and
(ii)with respect to a corporation, the secretary of state has issued a certificate of existence or registration under 35-14-128 or filed articles of incorporation under 35-14-203.
(4)(a) The commissioner may license as a resident insurance producer an association of licensed Montana insurance producers, whether or not incorporated, formed and existing substantially for purposes other than insurance.
(b)The license must be used solely for the purpose of enabling the association to place, as a resident insurance producer, insurance of the properties, interests, and risks of the state of Montana and of other public agencies, bodies, and institutions and to receive the customary commission for the placement.
(c)The president and secretary of the association shall apply for the license in the name of the association, and the commissioner shall issue the license to the association in the association’s name alone.
(d)The fee for the license is the same as that required by 33-2-708(1)(a).
(e)The commissioner may, after a hearing with notice to the association, revoke the license if the commissioner finds that continuation of the license is not in the public interest or that a ground listed in 33-17-1001 exists.
(5)An insurance producer using an assumed business name shall register the name with the commissioner before using the name.