(a) Unless exempt pursuant to section 765 of this chapter, a resident individual applying for an insurance producer license or an adjuster license shall take and pass a written examination about the Territory’s insurance law. This requirement does not apply to:
(1) applicants for a license as a nonresident insurance producer or adjuster who are duly licensed in another state and have fulfilled qualification requirements in their state of residence and who the Commissioner determines is fully qualified and competent;
(2) applicants for a producer or adjuster license covering the same kinds of insurance as a producer or adjuster license then held by them in the Virgin Islands; or
(3) applicants who have maintained a continuous license in the Virgin Islands in a similarly qualified area for the five-year period immediately preceding the date of application and who the Commissioner considers to be fully qualified and competent.
(b) The examination described in subsection (a) is required for the following lines of authority:
(1) lines of authority set forth in section 759(a); and
(2) any other line of authority designated by the Commissioner unless exempt under section 765.
(c) The examination tests the knowledge of the individual concerning the lines of authority for which application is made, the duties and responsibilities of an insurance producer or adjuster and the insurance laws and regulation of the Virgin Islands.
(d) Examinations must be developed and conducted under regulations prescribed by the Commissioner.
(1) The Commissioner may make arrangements, including contracting with an outside testing service, for administering examinations and collecting the fee.
(2) Each individual applying for an examination shall remit a non-refundable fee as prescribed by the Commissioner.
(3) An individual who fails to appear for the examination as scheduled or fails to pass the examination may reapply for an examination and remit all required fees and forms before being rescheduled for another examination.
(4) The Commissioner may require a waiting period of reasonable duration before giving a new examination to an applicant who has failed a previous similar examination.
(e) The Commissioner shall prepare, or approve, and make available a manual specifying in general terms the subjects that may be covered in any examination for a particular license.
(f) Applicants for the renewal of licenses in force on the effective date of this title, or issued thereafter are not required to take an examination except as provided in subsection (g).
(g) The Commissioner may at any time require any licensed insurance producer or adjuster to take and successfully pass an examination testing competence and qualifications as a condition to the continuance or renewal of a license, if the licensee has been found in violation of this title, or has so conducted his or her affairs under the license as to cause the Commissioner reasonably to desire further evidence of qualifications.