§ 744.621 — Qualifications for nonresident insurance consultant’s license; rules

Oregon § 744.621

• Jurisdiction: Oregon
• Vol.: 18
• Title 56: Insurance
• Ch.: 744

Text

(1) The Director of the Department of Consumer and Business Services may issue a license to engage in business as an insurance consultant to a person who resides in another state or province of Canada and is licensed in that state or province as an insurance consultant or is registered under a regulatory program of the other state or province that the director determines is similar to the regulatory program for insurance consultants under this chapter, if the state or province in which the person resides gives the same privilege to a resident insurance consultant.
(2) An applicant for a license to engage in business as a nonresident insurance consultant shall apply for the license as provided in ORS 744.611 and must:
(a) Have at least five years’ experience in the insurance business that relates to the categories of insurance business or classes of insurance that the applicant intends to transact under the license or have equivalent education or qualifications that the director specifies by rule;
(b) Provide satisfactory evidence to the director that the applicant has procured and has in effect the insurance required under ORS 744.635; and
(c) Pass an examination that the director by rule recognizes as adequately testing the applicant’s qualifications, competence and knowledge of the categories of insurance business and classes of insurance that the applicant intends to transact under a license and the applicant’s knowledge of an insurance consultant’s duties and responsibilities under the Insurance Code and other laws of this state. The requirement in this paragraph does not apply to an insurance producer who holds a license to transact the categories of insurance business or classes of insurance that the insurance producer intends to transact as an insurance consultant.
(3) In addition to the requirements set forth in subsection (2) of this section, an applicant must satisfy any other requirement the director specifies by rule.

Legislative History

1989 c.701 §58; 1991 c.810 §18; 2003 c.364 §125; 2019 c.151 §33