31A-23a-206. Special requirements for variable contracts line of authority.
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Effective 5/10/2016
31A-23a-206. Special requirements for variable contracts line of authority.
(1)Before applying for a variable contracts line of authority:
(a)a producer shall be licensed under Section 61-1-3 as a:
(i)broker-dealer; or
(ii)broker-dealer agent; and
(b)a consultant shall be licensed under Section 61-1-3 as an:
(i)investment adviser; or
(ii)investment adviser representative.
(2)A producer's or consultant's variable contracts line of authority is canceled on the day the producer's or consultant's securities related license under Section 61-1-3 is no longer active.
Amended by Chapter 138 , 2016 General Session