500.1206b Nonresident insurance producer license; prelicensing education or examination; exemption; application as resident licensee.
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500.1206b Nonresident insurance producer license; prelicensing education or examination; exemption; application as resident licensee.
Sec. 1206b.
(1)An individual who applies for an insurance producer license in this state who was previously licensed for the same qualifications in another state is not required to complete any prelicensing education or examination. This exemption is only available if the person is currently licensed in that state or if the application is received within 90 days of the cancellation of the applicant's previous license and if the prior state issues a certification that, at the time of cancellation, the applicant was in good standing in that state or the state's producer database records, maintained by the national association of insurance commissioners, its affiliates, or its subsidiaries, indicate that the producer is or was licensed in good standing for the qualification requested.
(2)A person licensed as an insurance producer in another state who moves to this state shall apply within 90 days after establishing legal residence to become a resident licensee pursuant to section 1205. Prelicensing education or examination is not required of that person to obtain any qualification previously held in the prior state except where the commissioner determines otherwise by rule.
History: Add. 2001, Act 228 , Eff. Mar. 1, 2002
Popular Name: Act 218