(a)Unless denied licensure under section 12
of this chapter, a person who has met the requirements of sections 5
and 6 of this chapter shall be issued an insurance producer license. An
insurance producer may receive qualification for a license in one (1) or
more of the following lines of authority:
(1)Life — insurance coverage on human lives, including benefits
of endowment and annuities, that may include benefits in the
event of death or dismemberment by accident and benefits for
disability income.
(2)Accident and health or sickness — insurance coverage for
sickness, bodily injury, or accidental death that may include
benefits for disability income.
(3)Property — insurance coverage for the direct or consequential
loss of or damage to property of every kind.
(4)Casualty — insurance co
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(a) Unless denied licensure under section 12
of this chapter, a person who has met the requirements of sections 5
and 6 of this chapter shall be issued an insurance producer license. An
insurance producer may receive qualification for a license in one (1) or
more of the following lines of authority:
(1) Life — insurance coverage on human lives, including benefits
of endowment and annuities, that may include benefits in the
event of death or dismemberment by accident and benefits for
disability income.
(2) Accident and health or sickness — insurance coverage for
sickness, bodily injury, or accidental death that may include
benefits for disability income.
(3) Property — insurance coverage for the direct or consequential
loss of or damage to property of every kind.
(4) Casualty — insurance coverage against legal liability,
including liability for death, injury, or disability, or for damage to
real or personal property.
(5) Variable life and variable annuity products — insurance
coverage provided under variable life insurance contracts and
variable annuities.
(6) Personal lines — property and casualty insurance coverage
sold to individuals and families for primarily noncommercial
purposes.
(7) Credit — limited line credit insurance.
(8) Title — insurance coverage against loss or damage on account
of encumbrances on or defects in the title to real estate.
(9) Any other line of insurance permitted under Indiana laws or
administrative rules.
(b) A person who requests qualification under subsection (a)(5) for
variable life and annuity products must:
(1) be licensed as an insurance producer with a life qualification
under subsection (a)(1);
(2) be registered with FINRA; and
(3) meet the broker-dealer registration requirements of:
(A) FINRA for a Series 6 limited representative license; or
(B) FINRA for a Series 7 general securities registered
representative license.
(c) A resident insurance producer may not request separate
qualifications for property insurance and casualty insurance under
subsection (a).
(d) An insurance producer license remains in effect unless revoked
or suspended, as long as the renewal fee set forth in section 32 of this
chapter is paid and the educational requirements for resident individual
producers are met by the due date.
(e) An individual insurance producer who:
(1) allows the individual insurance producer's license to lapse;
and
(2) completed all required continuing education before the license
expired;
may, not more than twelve (12) months after the expiration date of the
license, reinstate the same license without the necessity of passing a
written examination. A penalty in the amount of three (3) times the
unpaid renewal fee shall be required for any renewal fee received after
the expiration date of the license. However, the department of
insurance may waive the penalty if the renewal fee is received not more
than thirty (30) days after the expiration date of the license.
(f) A licensed insurance producer who is unable to comply with
license renewal procedures due to military service or some other
extenuating circumstance may request a waiver of the license renewal
procedures. The producer may also request a waiver of any
examination requirement or any other fine or sanction imposed for
failure to comply with the license renewal procedures.
(g) An insurance producer license shall contain the licensee's name,
address, personal identification number, date of issuance, lines of
authority, expiration date, and any other information the commissioner
considers necessary.
(h) A licensee shall inform the commissioner of a change of address
not more than thirty (30) days after the change by any means
acceptable to the commissioner. The failure of a licensee to timely
inform the commissioner of a change in legal name or address shall
result in a penalty under section 12 of this chapter.
(i) To assist in the performance of the commissioner's duties, the
commissioner may contract with nongovernmental entities, including
the NAIC, or any affiliates or subsidiaries that the NAIC oversees, to
perform ministerial functions, including the collection of fees related
to producer licensing, that the commissioner and the nongovernmental
entity consider appropriate.
(j) The commissioner may participate, in whole or in part, with the
NAIC or any affiliate or subsidiary of the NAIC in a centralized
insurance producer license registry through which insurance producer
licenses are centrally or simultaneously effected for states that require
an insurance producer license and participate in the centralized
insurance producer license registry. If the commissioner determines
that participation in the centralized insurance producer license registry
is in the public interest, the commissioner may adopt rules under IC 4-22-2 specifying uniform standards and procedures that are necessary
for participation in the centralized insurance producer license registry,
including standards and procedures for centralized license fee
collection.