§ 27-2.4-9 - License. - Rhode Island Statutes

SECTION 27-2.4-9

   § 27-2.4-9  License. – (a) Unless denied licensure pursuant to § 27-2.4-14, persons who have metthe requirements of §§ 27-2.4-7 and 27-2.4-8 shall be issued aninsurance producer license. An insurance producer may receive qualification fora license in one or more of the following lines of authority:

   (1) Life insurance coverage on human lives including benefitsof endowment and annuities, and may include benefits in the event of death ordismemberment by accident and benefits for disability income;

   (2) Accident and health or sickness insurance coverage forsickness, bodily injury or accidental death and may include benefits fordisability income;

   (3) Property insurance coverage for the direct orconsequential loss or damage to property of every kind;

   (4) Casualty insurance coverage against legal liability,including that for death, injury or disability or damage to real or personalproperty;

   (5) Variable life and variable annuity products insurancecoverage provided under variable life insurance contracts and variableannuities;

   (6) Personal lines-property and casualty insurance coveragesold to individuals and families for primary noncommercial purposes;

   (7) Credit-limited line credit insurance;

   (8) Any other line of insurance permitted under state laws orregulations.

   (b) An insurance producer license shall remain in effectunless revoked or suspended as long as the fee set forth in § 27-2.4-4 ispaid and education requirements for resident individual insurance producers aremet by the license renewal due date.

   (c) An individual insurance producer who allows his or herlicense to expire may, within twelve (12) months from the due date of therenewal fee, reinstate this license without the necessity of passing a writtenexamination. A penalty in the amount of double the unpaid renewal fee shall berequired for any renewal fee received after the due date.

   (d) A licensed insurance producer who is unable to complywith license renewal procedures due to military service or some otherextenuating circumstance (e.g., a long-term medical disability) may request awaiver of those procedures. The insurance producer may also request a waiver ofany examination requirement or any other fine or sanction imposed for failureto comply with renewal procedures.

   (e) The license shall contain the insurance producer's name,address, license number, license type, lines of authority, and any otherinformation the insurance commissioner deems necessary.

   (f) Insurance producers shall inform the insurancecommissioner by any means acceptable to the insurance commissioner of a changein legal name or address within thirty (30) days of the change. Failure totimely inform the insurance commissioner of a change in legal name or addressmay result in a penalty to be determined by the insurance commissioner.

   (g) In order to assist in the performance of the insurancecommissioner's duties, the insurance commissioner may contract withnon-government entities, including the NAIC or any affiliates or subsidiarieswhich the NAIC oversees, to perform any ministerial functions, including thecollection of fees, related to insurance producer licensing that the insurancecommissioner and the non-governmental entity may deem appropriate.