Indiana Code 27-1-15.6-7. Insurance producer licenses; qualifications; expiration; renewal; registry
(1) Life — insurance coverage on human lives, including benefits of endowment and annuities, that may include benefits in the event of death or dismemberment by accident and benefits for disability income.
Terms Used In Indiana Code 27-1-15.6-7
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Commissioner: means the "insurance commissioner" of this state. See Indiana Code 27-1-2-3
- Contract: A legal written agreement that becomes binding when signed.
- Department: means "the department of insurance" of this state. See Indiana Code 27-1-2-3
- Insurance: means a contract of insurance or an agreement by which one (1) party, for a consideration, promises to pay money or its equivalent or to do an act valuable to the insured upon the destruction, loss or injury of something in which the other party has a pecuniary interest, or in consideration of a price paid, adequate to the risk, becomes security to the other against loss by certain specified risks; to grant indemnity or security against loss for a consideration. See Indiana Code 27-1-2-3
- person: includes individuals, corporations, associations, and partnerships; personal pronoun includes all genders; the singular includes the plural and the plural includes the singular. See Indiana Code 27-1-2-3
- Property: includes personal and real property. See Indiana Code 1-1-4-5
(3) Property — insurance coverage for the direct or consequential loss of or damage to property of every kind.
(4) Casualty — insurance coverage against legal liability, including liability for death, injury, or disability, or for damage to real or personal property.
(5) Variable life and variable annuity products — insurance coverage provided under variable life insurance contracts and variable annuities.
(6) Personal lines — property and casualty insurance coverage sold to individuals and families for primarily noncommercial purposes.
(7) Credit — limited line credit insurance.
(8) Title — insurance coverage against loss or damage on account of encumbrances on or defects in the title to real estate.
(9) Any other line of insurance permitted under Indiana laws or administrative rules.
(b) A person who requests qualification under subsection (a)(5) for variable life and annuity products must:
(1) be licensed as an insurance producer with a life qualification under subsection (a)(1);
(2) be registered with FINRA; and
(3) meet the broker-dealer registration requirements of:
(A) FINRA for a Series 6 limited representative license; or
(B) FINRA for a Series 7 general securities registered representative license.
(c) A resident insurance producer may not request separate qualifications for property insurance and casualty insurance under subsection (a).
(d) An insurance producer license remains in effect unless revoked or suspended, as long as the renewal fee set forth in section 32 of this chapter is paid and the educational requirements for resident individual producers are met by the due date.
(e) An individual insurance producer who:
(1) allows the individual insurance producer’s license to lapse; and
(2) completed all required continuing education before the license expired;
may, not more than twelve (12) months after the expiration date of the license, reinstate the same license without the necessity of passing a written examination. A penalty in the amount of three (3) times the unpaid renewal fee shall be required for any renewal fee received after the expiration date of the license. However, the department of insurance may waive the penalty if the renewal fee is received not more than thirty (30) days after the expiration date of the license.
(f) A licensed insurance producer who is unable to comply with license renewal procedures due to military service or some other extenuating circumstance may request a waiver of the license renewal procedures. The producer may also request a waiver of any examination requirement or any other fine or sanction imposed for failure to comply with the license renewal procedures.
(g) An insurance producer license shall contain the licensee’s name, address, personal identification number, date of issuance, lines of authority, expiration date, and any other information the commissioner considers necessary.
(h) A licensee shall inform the commissioner of a change of address not more than thirty (30) days after the change by any means acceptable to the commissioner. The failure of a licensee to timely inform the commissioner of a change in legal name or address shall result in a penalty under section 12 of this chapter.
(i) To assist in the performance of the commissioner’s duties, the commissioner may contract with nongovernmental entities, including the NAIC, or any affiliates or subsidiaries that the NAIC oversees, to perform ministerial functions, including the collection of fees related to producer licensing, that the commissioner and the nongovernmental entity consider appropriate.
(j) The commissioner may participate, in whole or in part, with the NAIC or any affiliate or subsidiary of the NAIC in a centralized insurance producer license registry through which insurance producer licenses are centrally or simultaneously effected for states that require an insurance producer license and participate in the centralized insurance producer license registry. If the commissioner determines that participation in the centralized insurance producer license registry is in the public interest, the commissioner may adopt rules under IC 4-22-2 specifying uniform standards and procedures that are necessary for participation in the centralized insurance producer license registry, including standards and procedures for centralized license fee collection.
As added by P.L.132-2001, SEC.3. Amended by P.L.64-2004, SEC.24; P.L.11-2011, SEC.9; P.L.115-2011, SEC.7; P.L.124-2018, SEC.35.