(a)  Unless denied licensure pursuant to § 27-2.4-14, persons who have met the requirements of § 27-2.4-7 and § 27-2.4-8 shall be issued an insurance producer license. An insurance producer may receive qualification for a license in one or more of the following lines of authority:

(1)  Life insurance coverage on human lives including benefits of endowment and annuities, and may include benefits in the event of death or dismemberment by accident and benefits for disability income;

(2)  Accident and health or sickness insurance coverage for sickness, bodily injury or accidental death and may include benefits for disability income;

(3)  Property insurance coverage for the direct or consequential loss or damage to property of every kind;

(4)  Casualty insurance coverage against legal liability, including that for death, injury or disability or 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 primary noncommercial purposes;

(7)  Credit-limited line credit insurance;

(8)  Any other line of insurance permitted under state laws or regulations.

lawyer at desk

Ask an insurance law question, get an answer ASAP!
Click here to chat with a lawyer about your rights.

Terms Used In Rhode Island General Laws 27-2.4-9

  • 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.
  • Contract: A legal written agreement that becomes binding when signed.
  • Personal property: All property that is not real property.

(b)  An insurance producer license shall remain in effect unless revoked or suspended as long as the fee set forth in § 27-2.4-4 is paid and education requirements for resident individual insurance producers are met by the license renewal due date.

(c)  An individual insurance producer who allows his or her license to expire may, within twelve (12) months from the due date of the renewal fee, reinstate this license without the necessity of passing a written examination. A penalty in the amount of double the unpaid renewal fee shall be required for any renewal fee received after the due date.

(d)  A licensed insurance producer who is unable to comply with license renewal procedures due to military service or some other extenuating circumstance (e.g., a long-term medical disability) may request a waiver of those procedures. The insurance producer may also request a waiver of any examination requirement or any other fine or sanction imposed for failure to comply with renewal procedures.

(e)  The license shall contain the insurance producer’s name, address, license number, license type, lines of authority, and any other information the insurance commissioner deems necessary.

(f)  Insurance producers shall inform the insurance commissioner by any means acceptable to the insurance commissioner of a change in legal name or address within thirty (30) days of the change. Failure to timely inform the insurance commissioner of a change in legal name or address may result in a penalty to be determined by the insurance commissioner.

(g)  In order to assist in the performance of the insurance commissioner’s duties, the insurance commissioner may contract with non-government entities, including the NAIC or any affiliates or subsidiaries which the NAIC oversees, to perform any ministerial functions, including the collection of fees, related to insurance producer licensing that the insurance commissioner and the non-governmental entity may deem appropriate.

History of Section.
P.L. 2001, ch. 14, § 3; P.L. 2001, ch. 15, § 3; P.L. 2006, ch. 84, § 2; P.L. 2006, ch. 93, § 2.