Sec. 2.2. (a) This section applies to the renewal of a license under this chapter after December 31, 2021.

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Terms Used In Indiana Code 27-1-15.7-2.2

  • Commissioner: means the "insurance commissioner" of this state. See Indiana Code 27-1-2-3
  • Insurance: means a contract of insurance or an agreement by which one (1) party, for a consideration, promises to pay money or its equivalent or to do an act valuable to the insured upon the destruction, loss or injury of something in which the other party has a pecuniary interest, or in consideration of a price paid, adequate to the risk, becomes security to the other against loss by certain specified risks; to grant indemnity or security against loss for a consideration. See Indiana Code 27-1-2-3
     (b) If a resident insurance producer completed more than twenty-four (24) hours of credit in continuing education courses before the effective date of the producer’s last renewal under this chapter of a license issued under IC 27-1-15.6, the producer, instead of completing twenty-four (24) hours of credit in continuing education courses after the effective date of the producer’s last license renewal as otherwise required under section 2(d) of this chapter, may satisfy the continuing education requirement of section 2 of this chapter for the producer’s next license renewal through a combination of:

(1) credit for continuing education courses completed by the producer before the effective date of the producer’s last license renewal; and

(2) credit for continuing education courses completed by the producer after the effective date of the producer’s last license renewal.

     (c) To apply toward satisfaction of the continuing education requirement for a producer’s next license renewal under subsection (b)(1), credit for a continuing education course completed by the producer before the effective date of the producer’s last license renewal must not have applied toward satisfaction of the continuing education requirement for the producer’s last license renewal.

     (d) A producer satisfies the continuing education requirement of section 2 of this chapter under subsection (b) for the producer’s next license renewal if the sum of:

(1) the credit hours applied toward the requirement under subsection (b)(1); plus

(2) the credit hours applied toward the requirement under subsection (b)(2);

is twenty-four (24).

     (e) Not more than twelve (12) hours of credit in continuing education courses completed by a producer before the effective date of the producer’s last license renewal may be applied toward satisfying the continuing education requirement of section 2 of this chapter for the producer’s next license renewal under subsection (b)(1).

     (f) The credit for a producer’s completion of a continuing education course may not be applied toward satisfying the continuing education requirement of section 2 of this chapter under subsection (b)(1) unless the producer completed the continuing education course not more than one hundred twenty (120) days before the effective date of the producer’s last license renewal.

     (g) Credit for a producer’s completion of a continuing education course on the subject of:

(1) ethics; or

(2) long term care insurance;

before the effective date of the producer’s last license renewal may not be applied toward satisfying the continuing education requirement of section 2 of this chapter for the producer’s next license renewal under subsection (b)(1).

     (h) The credit for a producer’s completion of a continuing education course, whether applied toward the continuing education requirement of section 2 of this chapter under subsection (b)(1), subsection (b)(2), or section 2(d) of this chapter, may be applied toward the requirement only once.

     (i) The commissioner shall adopt rules under IC 4-22-2 to implement this section.

As added by P.L.196-2021, SEC.19.

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