(a) If a person licensed as an insurance producer under section 758 changes the person’s address within the Virgin Islands, the person shall, not later than 30 days after making that change, file a change of address with the Commissioner or the Commissioner’s designee.
(b)
(1) If a person licensed as an insurance producer under this section changes the person’s home state, the person, not later than 30 days after making that change, shall file a change of address with the Commissioner and provide the Commissioner with certification from the new home state.
(2) If a resident insurance producer complies with paragraph (1) of this subsection and the producer is in good standing with the Commissioner, the producer’s license must be changed to that of a nonresident license after paying a filing fee of $50. The Commissioner may increase the fee upon 30 days’ notice to the public in accordance with title 22 regulations. No license application is required. A change in the residency status of an insurance producer license does not change the license renewal date established by the initial licensure under section 759.
(3) Any person violating this section is liable for a fine of not to exceed $500.