33-17-214. Issuance of license — insurance producer lines of authority — license data — lapse of license — change of address. (1) A person who has met the requirements of 33-17-211 and 33-17-212 must be issued a license unless that person has been denied a license pursuant to 33-17-1001.

Terms Used In Montana Code 33-17-214

  • Acquittal:
    1. Judgement that a criminal defendant has not been proved guilty beyond a reasonable doubt.
    2. A verdict of "not guilty."
     
  • 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.
  • Business entity: means a corporation, association, partnership, limited liability company, limited liability partnership, or other legal entity. See Montana Code 33-17-102
  • Conviction: A judgement of guilt against a criminal defendant.
  • Individual: means a natural person. See Montana Code 33-17-102
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Lapse: means the expiration of the license for failure to renew by the biennial renewal date. See Montana Code 33-17-102
  • License: means a document issued by the commissioner that authorizes a person to act as an insurance producer for the lines of authority specified in the document. See Montana Code 33-17-102
  • Lines of authority: means any kind of insurance as defined in Title 33. See Montana Code 33-17-102
  • Person: means an individual or a business entity. See Montana Code 33-17-102
  • Plea agreement: An arrangement between the prosecutor, the defense attorney, and the defendant in which the defendant agrees to plead guilty in exchange for special considerations. Source:
  • Property: means real and personal property. See Montana Code 1-1-205
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Montana Code 1-1-201
  • Writing: includes printing. See Montana Code 1-1-203

(2)An insurance producer may receive a license qualifying the insurance producer in one or more of the following lines of authority:

(a)life insurance coverage on human lives, including benefits of endowment and annuities, and the coverage may include:

(i)funeral insurance as defined in 33-20-1501;

(ii)benefits in the event of death or dismemberment by accident; and

(iii)benefits for disability income;

(b)accident and health or sickness insurance coverage providing for sickness, bodily injury, or accidental death, and the coverage may provide benefits for disability income;

(c)property insurance coverage for the direct or consequential loss or damage to property of every kind;

(d)casualty insurance coverage against legal liability, including liability for death, injury, or disability or damage to real or personal property;

(e)variable life and variable annuity products insurance coverage provided under variable life insurance contracts and variable annuities;

(f)personal lines of property and casualty insurance coverage sold to individuals and families for primarily noncommercial purposes;

(g)limited line credit insurance; or

(h)any other line of insurance permitted under Title 33.

(3)The license must state the name and primary business address of the licensee, personal identification number, date of issuance, general conditions relative to expiration or termination, kind of insurance covered, and other information that the commissioner considers necessary.

(4)The license of a business entity must also state the name of each individual authorized to exercise the license powers.

(5)Each license remains in effect unless it is suspended, revoked, or terminated or the license lapses.

(6)(a) A person shall inform the commissioner in writing within 30 days of:

(i)a change of address or a change of business e-mail address;

(ii)the final disposition resulting in disciplinary action taken against or a conviction of the insurance producer in any state or federal jurisdiction or by another governmental agency in this state of:

(A)any administrative action related to transacting insurance;

(B)any action taken against any type of securities license; and

(C)any criminal action, excluding traffic violations.

(b)(i) As used in this subsection (6), “final disposition” includes but is not limited to a settlement agreement, consent order, plea agreement, sentence and judgment, or order.

(ii)The term does not include an action that is dismissed or that results in an acquittal, for which a report is not necessary.

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