Sec. 2.4. (a) This section applies to an insurance producer licensed under IC 27-1-15.6 who is subject to the continuing education requirement set forth in section 2(a) of this chapter.

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Terms Used In Indiana Code 27-1-15.7-2.4

  • 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
  • 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
  • Verified: when applied to pleadings, means supported by oath or affirmation in writing. See Indiana Code 1-1-4-5
  • Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
     (b) If an insurance producer actively participates in a state or national professional insurance organization, the insurance commissioner may:

(1) recognize the insurance producer’s participation in the professional insurance organization; and

(2) apply the insurance producer’s participation toward partial satisfaction of the continuing education requirement set forth in section 2(a) of this chapter.

     (c) To be recognized and applied under subsection (b), an insurance producer’s participation in a professional insurance organization must be one of the following:

(1) Service on the board of directors of:

(A) a state professional insurance organization;

(B) a state chapter of a national professional insurance organization; or

(C) a national professional insurance organization.

(2) Service on a formal committee of:

(A) a state professional insurance organization;

(B) a state chapter of a national professional insurance organization; or

(C) a national professional insurance organization.

(3) Service on a formal subcommittee or task force of:

(A) a state professional insurance organization;

(B) a state chapter of a national professional insurance organization; or

(C) a national professional insurance organization.

     (d) Not more than two (2) of the twenty-four (24) total hours of credit in continuing education courses required of an insurance producer by section 2(a) of this chapter may be satisfied under this section in each two (2) year licensing period.

     (e) If an insurance producer’s participation in a professional insurance organization is recognized and applied under subsection (b), one (1) hour of the insurance producer’s participation in the professional insurance organization shall count toward satisfaction of one (1) hour of the twenty-four (24) total hours of credit in continuing education courses required by section 2(a) of this chapter, subject to the limit set forth in subsection (d).

     (f) An insurance producer’s participation in a professional insurance organization may not be applied under this section toward the satisfaction of the requirement under section 2(a) of this chapter, if applicable, that an insurance producer complete at least three (3) hours of credit in continuing education courses related to ethical practices in the marketing and sale of life, health, or annuity insurance products in each two (2) year licensing period.

     (g) To be recognized and applied under subsection (b) toward satisfaction of an insurance producer’s continuing education requirements under section 2(a) of this chapter for a two (2) year licensing period, the insurance producer’s participation in a professional insurance organization must:

(1) occur during that two (2) year licensing period; and

(2) be verified by the professional insurance organization in a communication submitted to the insurance commissioner before the deadline (if any) established by the rules adopted under subsection (h).

     (h) The insurance commissioner may adopt rules under IC 4-22-2 to administer this section.

As added by P.L.226-2023, SEC.2.

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