§ 58-33-66. Temporary licensing.

341 words·~2 min read·/nc/chapter-58/58-33-66

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

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

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

(3)To the designee of a licensed insurance producer entering active service in the Armed Forces of the United States.

(4)In any other circumstance where the Commissioner deems that the public interest will be served best by the issuance of this license.

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

(c)An individual requesting a temporary license on account of death or disability of a licensed insurance producer shall be licensed to represent only those insurers that had appointed such insurance producer at the time of death or commencement of disability. (2001-203, s. 20; 2011-183, s. 42; 2022-46, s. 13(a).)