Iowa Code 522B.5 – Application for license
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1. A person applying for a resident insurance producer license shall make application to the commissioner on the uniform application, meet all requirements pursuant to section 522B.5A, and declare under penalty of refusal, suspension, or revocation of the license that all statements made in the application are true, correct, and complete to the best of the individual’s knowledge and belief. Before approving the application, the commissioner shall find all of the following:
a. The individual is at least eighteen years of age.
b. The individual has not committed any act that is a ground for denial, suspension, or revocation as set forth in section 522B.11.
c. The individual has paid the license fee of fifty dollars.
d. The individual has successfully passed the examinations for the lines of authority for which the person has applied.
e. In order to protect the public interest, the individual has the requisite character and competence to receive a license as an insurance producer.
Terms Used In Iowa Code 522B.5
- Business entity: means a corporation, association, partnership, limited liability company, limited liability partnership, or other legal entity. See Iowa Code 522B.1
- Commissioner: means the commissioner of insurance. See Iowa Code 522B.1
- following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
- Insurance: means any of the lines of authority an insurer is authorized to sell in this state. See Iowa Code 522B.1
- Insurance producer: means a person required to be licensed under the laws of this state to sell, solicit, or negotiate insurance. See Iowa Code 522B.1
- License: means a document issued pursuant to this chapter by the commissioner authorizing a person to act as an insurance producer for the lines of authority specified in the document. See Iowa Code 522B.1
- Person: means an individual or a business entity. See Iowa Code 522B.1
- state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
- Uniform application: means the current version of the national association of insurance commissioners uniform application for resident and nonresident insurance producer licensing. See Iowa Code 522B.1
- Uniform business entity application: means the current version of the national association of insurance commissioners uniform business entity application for resident and nonresident business entities. See Iowa Code 522B.1
2. A business entity acting as an insurance producer may elect to obtain an insurance producer license. Application shall be made using the uniform business entity application. Prior to approving the application, the commissioner shall find both of the following:
a. The business entity has paid the appropriate fees.
b. The business entity has designated a licensed producer responsible for the business entity’s compliance with the insurance laws and rules of this state.
3. The commissioner may require any documents reasonably necessary to verify the information contained in an application.
4. Fees collected under this section shall be deposited as provided in section 505.7.