§ 522B.6 — License

Iowa § 522B.6

• Jurisdiction: Iowa
• Title XIII: COMMERCE
• Ch. 522B: LICENSING OF INSURANCE PRODUCERS

Text

1. A person who meets the requirements of sections 522B.4 and 522B.5, unless otherwise
denied licensure pursuant to section 522B.11, shall be issued an insurance producer license.
An insurance producer license is valid for three years.
2. An insurance producer may qualify for a license in one or more of the following lines
of authority:
a. Life insurance providing 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.
b. Accident and health or sickness insurance providing coverage for sickness, bodily
injury, or accidental death, and may include benefits for disability income.
c. Property insurance providing coverage for the direct or consequential loss or damage
to property of any kind.
d. Casualty insurance providing coverage against legal liability, including that 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. Personallinespropertyandcasualtyinsurancesoldtoindividualsandfamiliesprimarily
for noncommercial purposes.
g. Excess and surplus lines insurance provided by certain nonadmitted insurers pursuant
to chapter 515I.
h. Credit insurance, including credit life, credit disability, credit property, credit
unemployment, involuntary unemployment, mortgage life, mortgage guaranty, mortgage
disability, guaranteed automobile protection insurance, and any other form of insurance
offered in connection with an extension of credit that is limited to partially or wholly
extinguishing a credit obligation and that the commissioner determines should be designated
a form of credit insurance.
i. Any other line of insurance permitted under state law or by rule.
3. An insurance producer license remains in effect unless revoked or suspended as long
as all required fees are paid and continuing education requirements for resident individual
insurance producers are met by any applicable due date. Resident individual insurance
§522B.6, LICENSING OF INSURANCE PRODUCERS 6
producers are required to complete continuing education requirements in order to be eligible
for license renewal unless exempted from such requirements under this chapter or by rule.
4. An individual insurance producer who allows the producer’s license to lapse, within
twelve months from the due date of the renewal fee, may have the same license reinstated
without the necessity of passing a written examination upon the payment of a reinstatement
fee as specified by rule of the commissioner. Such reinstatement fee shall be in addition to
the required renewal fee.
5. Alicensedinsuranceproducerwhoisunabletocomplywithlicenserenewalprocedures
due to military service or some other extenuating circumstance may request a waiver of
those procedures. Such insurance producer may also request a waiver of any examination
requirement or any other penalty or sanction imposed for failure to comply with renewal
procedures.
6. The license shall contain the licensee’s name, address, personal identification number,
and the date of issuance, the lines of authority, the expiration date, and any other information
the commissioner deems necessary.
7. Alicenseeshallinformthecommissionerbyanymeansacceptabletothecommissioner
ofachangeoflegalnameoraddresswithinthirtydaysofthechange. Failuretotimelyinform
the commissioner of a change in legal name or address may result in a penalty as specified
in section 522B.17.
8. In order to assist with the commissioner’s duties, the commissioner may contract with
a nongovernmental entity, including the national association of insurance commissioners
or any affiliate or subsidiary the national association of insurance commissioners oversees,
to perform any ministerial functions, including the collection of fees, related to producer
licensing that the commissioner deems appropriate.