§ 58-33-66. Temporary licensing. - North Carolina Statutes

§ 58‑33‑66. Temporary licensing.

(a)        The Commissionermay issue a temporary insurance producer license for a period not to exceed 180days or longer, for good cause, without requiring an examination if theCommissioner deems that the temporary license is necessary for the servicing ofan insurance business in any of the following cases:

(1)        To the spouse orsurviving spouse or court‑appointed personal representative or guardianof a licensed insurance producer who dies or becomes mentally or physically disabledto allow adequate time for the transfer of the insurance business owned by theproducer, for the recovery or return of the producer to the business, or forthe training and licensing of new personnel to operate the producer's business.

(2)        To a member oremployee of a business entity licensed as an insurance producer, upon the deathor disability of an individual designated in the business entity application orthe license.

(3)        To the designee of alicensed insurance producer entering active service in the armed forces of theUnited States of America.

(4)        In any othercircumstance where the Commissioner deems that the public interest will beserved best by the issuance of this license.

(b)        The Commissionermay by order limit the authority of any temporary licensee in any way deemednecessary to protect insureds and the public. The Commissioner may require thetemporary licensee to have a suitable sponsor who is a licensed producer orinsurer and who assumes responsibility for all acts of the temporary licenseeand may impose other similar requirements designed to protect insureds and thepublic. The Commissioner may by order revoke a temporary license if theinterest of insureds or the public are endangered. A temporary licenseterminates upon the transfer of the business.

(c)        An individualrequesting a temporary license on account of death or disability of an agent orbroker shall be licensed to represent only those insurers that had appointedsuch agent at the time of death or commencement of disability. (2001‑203, s. 20.)