§ 10-2-405 — Residency - individuals - agencies

(1) The commissioner may
qualify an applicant as a resident of this state and shall issue an insurance producer
license to any qualified resident person of this state in accordance with the
following:

(a) An individual applicant may qualify as a resident only if he or she resides
in this state. Any license issued pursuant to any application claiming residency for
licensing purposes shall constitute an election of residency in this state and shall
be void if the licensee, while holding a resident license in this state, also holds or
makes application for a license in or thereafter claims to be a resident of any other
state or jurisdiction, or if the licensee ceases to be a resident of this state.

(b) An insurance agency or business entity may qualify as a resident if the
agency has its principal office in this state;

(c) The resident person is in compliance with the requirements of section 10-2-404.

Legislative History

Source: L. 93: Entire article R&RE, p. 1359, � 1, effective January 1, 1995. L. 2001: (1)(b) amended, p. 1198, � 12, effective January 1, 2002.