33-17-214. Issuance of license -- insurance producer lines of authority -- license data -- lapse of license -- change of address. (1) A person who has met the requirements of 33-17-211 and 33-17-212 must be issued a license unless that person has been denied a license pursuant to 33-17-1001.
(2) An insurance producer may receive a license qualifying the insurance producer in one or more of the following lines of authority:
(a) life insurance coverage on human lives, including benefits of endowment and annuities, and the coverage may include:
(i) funeral insurance as defined in 33-20-1501;
(ii) benefits in the event of death or dismemberment by accident; and
(iii) benefits for disability income;
(b) accident and health or sickness insurance coverage providing for sickness, bodily injury, or accidental death, and the coverage may provide benefits for disability income;
(c) property insurance coverage for the direct or consequential loss or damage to property of every kind;
(d) casualty insurance coverage against legal liability, including liability for death, injury, or disability or damage to real or personal property;
(e) variable life and variable annuity products insurance coverage provided under variable life insurance contracts and variable annuities;
(f) personal lines of property and casualty insurance coverage sold to individuals and families for primarily noncommercial purposes;
(g) limited line credit insurance; or
(h) any other line of insurance permitted under Title 33.
(3) The license must state the name and primary business address of the licensee, personal identification number, date of issuance, general conditions relative to expiration or termination, kind of insurance covered, and other information that the commissioner considers necessary.
(4) The license of a business entity must also state the name of each individual authorized to exercise the license powers.
(5) Each license remains in effect unless it is suspended, revoked, or terminated or the license lapses.
(6) (a) A person shall inform the commissioner in writing within 30 days of:
(i) a change of address or a change of business e-mail address;
(ii) the final disposition resulting in disciplinary action taken against or a conviction of the insurance producer in any state or federal jurisdiction or by another governmental agency in this state of:
(A) any administrative action related to transacting insurance;
(B) any action taken against any type of securities license; and
(C) any criminal action, excluding traffic violations.
(b) (i) As used in this subsection (6), "final disposition" includes but is not limited to a settlement agreement, consent order, plea agreement, sentence and judgment, or order.
(ii) The term does not include an action that is dismissed or that results in an acquittal, for which a report is not necessary.
History: En. Sec. 159, Ch. 286, L. 1959; R.C.M. 1947, 40-3315; amd. Sec. 4, Ch. 345, L. 1979; amd. Sec. 24, Ch. 713, L. 1989; amd. Sec. 10, Ch. 316, L. 1999; amd. Sec. 5, Ch. 106, L. 2001; amd. Sec. 15, Ch. 427, L. 2003; amd. Sec. 5, Ch. 399, L. 2007; amd. Sec. 5, Ch. 507, L. 2007; amd. Sec. 11, Ch. 271, L. 2009; amd. Sec. 6, Ch. 313, L. 2009; amd. Sec. 12, Ch. 169, L. 2013.