Section 162M: Insurance producer license; qualification; lines of authority
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/ma/part-i/title-xxii/chapter-175/162m·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 162M.
(a)Unless denied licensure pursuant to section 162R, persons who have met the requirements of sections 162K and 162L shall be issued an insurance producer license. An insurance producer may receive qualification for a license in 1 or more of the following lines of authority:—
(1)Life, insurance 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.
(2)Accident and health or sickness, insurance coverage for sickness, bodily injury or accidental death, and may include benefits for disability income.
(3)Property, insurance coverage for the direct or consequential 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 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.
(71/2) Travel, limited line travel insurance, as defined in section 162Z.
(8)Any other line of insurance permitted under state law or regulation.
(b)An insurance producer license shall remain in effect unless revoked or suspended as long as the fee prescribed by section 14 is paid and education requirements for resident individual producers are met by the due date.
(c)An individual insurance producer who allows his license to lapse may, within 12 months from the due date of the renewal fee, reinstate the same license without the necessity of passing a written examination, but a penalty in the amount of double the unpaid renewal fee shall be required for any renewal fee received after the due date.
(d)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 those procedures. The producer may also request a waiver of any examination requirement or any other fine or sanction imposed for failure to comply with renewal procedures.
(e)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.
(f)Licensees shall inform the commissioner by any means acceptable to the commissioner of a change of address within 30 days of the change.
(g)In order 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 any ministerial functions, including the collection of fees, related to producer licensing that the commissioner and the nongovernmental entity may deem appropriate.