(a) An individual applying for a resident insurance producer license shall make application to the commissioner on the Uniform Application declaring under penalty of refusal, suspension, or revocation of the license that the 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 that the individual has satisfied all of the following:
Terms Used In Alabama Code 27-7-5
Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
person: includes a corporation as well as a natural person. See Alabama Code 1-1-1
state: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Alabama Code 1-1-1
(1) The individual is at least 18 years of age.(2) The individual has not committed any act that is a ground for denial, suspension, or revocation set forth in Section 27-7-19.
(3) The individual has successfully passed the examination for the lines of authority for which the individual has applied, except that no examination shall be required of an applicant as follows:
a. All applicants for a license to transact only one or more of the limited lines insurance.b. All applicants for a license to transact the variable life and variable annuity products line of authority.c. All producers lawfully licensed as such for a particular line of authority immediately prior to January 1, 2013, are exempt from the requirements of this subdivision for that line of authority unless, after January 1, 2013, the license is permitted to expire or is otherwise terminated and remains out of effect for a period of 12 consecutive months, in which case the exemption from examination shall no longer be applicable.d. All service representatives.(4) The individual has paid the fees set forth in Section 27-4-2.(b) All producers seeking to be licensed for or holding the variable life and variable annuity product line of authority must also hold the life line of authority as an insurance producer and must also successfully complete the appropriate securities examinations and be registered under applicable federal and state securities laws.(c) A business entity acting as an insurance producer is required to obtain an insurance producer license. Application shall be made using the Uniform Business Entity Application. Before approving the application, the commissioner shall find that the business entity has satisfied all of the following:
(1) A licensed individual producer has been designated responsible for the business entity’s compliance with the insurance laws, rules, and regulations of this state.(2) The business entity has paid the fees set forth in Section 27-4-2.(d) The commissioner may require any documents reasonably necessary to verify the information contained in an application.(e) Each insurer that sells, solicits, or negotiates any form of limited line credit insurance shall provide a program of instruction to each individual whose duties will include selling, soliciting, or negotiating limited line credit insurance .(f)(1) No new license as a service representative shall be issued by the commissioner after the effective date of the act adding this language.(2) Any person holding a valid service representative license on the effective date of the act adding this language may continue to renew the license after that date if the person otherwise meets the requirements of this section.(3) If any service representative license expires and is not renewed for a period of 12 consecutive months, the license shall not be renewed by the commissioner or otherwise reactivated.
