Connecticut General Statutes 38a-782 – Producers license to indicate lines of authority. Conduct required of applicants and producers
(a) A producer license shall indicate the lines of authority granted to the applicant by examination qualification.
Terms Used In Connecticut General Statutes 38a-782
- 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.
- Insurance: means any agreement to pay a sum of money, provide services or any other thing of value on the happening of a particular event or contingency or to provide indemnity for loss in respect to a specified subject by specified perils in return for a consideration. See Connecticut General Statutes 38a-1
(b) An applicant for a license as an insurance producer shall hold himself or herself out to the public in good faith and the license shall not be used or intended to be used principally for the purpose of obtaining commissions on policies or bonds on which the producer, on the producer’s own account, pays or is to pay the premium or on which the premiums are paid or are to be paid by the producer’s spouse, the producer’s employer, whether or not the producer’s employment is on a part or full-time basis, or any corporation of which the producer has stock control, or of which the stock control is held by any combination of himself or herself, the producer’s employer and the producer’s spouse. If the premiums on policies or bonds intended to be written, or written, by any such applicant for the general public do not exceed nine times the premiums on policies or bonds intended to be written, or written, by the producer for the purpose of obtaining commissions on premiums paid or to be paid by the producer, the producer’s spouse, the producer’s employer and any corporation of which the producer has stock control or of which the stock control is held by any combination of himself or herself, the producer’s spouse and the producer’s employer, as aforesaid, it shall be conclusively presumed that the license is intended to be used or is being used principally for such purpose.