20-890. Licensing of insurance producers
A. An insurance producer of a society or its subsidiary or affiliated organizations shall be licensed pursuant to chapter 2, article 3 of this title. The director may waive the examination for licensure if the applicant was licensed after January 1, 1955 and has been an active soliciting representative of a society in this state for not less than six months immediately preceding the application.
B. A regular salaried officer, employee or member of a licensed society who devotes substantially all of that individual's services to activities other than the solicitation of fraternal insurance contracts and who receives for the solicitation of those contracts no commission or other compensation directly dependent on the amount of business solicited is not subject to examination and licensure pursuant to this section.
C. An insurance producer, representative or member of the society who devotes or intends to devote less than fifty per cent of that individual's time to the solicitation and procurement of insurance contracts is exempt from subsection A. This exemption does not apply to an insurance producer of a subsidiary corporation or affiliated organization. From time to time each society shall submit to the director the names and addresses of all persons who are actively engaged in its behalf as insurance producers.
D. A person who in the preceding calendar year has solicited and procured life insurance contracts on behalf of a fraternal benefit society in an amount of insurance of more than one hundred thousand dollars, or in the case of any other kind or kinds of insurance that the society may write, on the persons of more than one hundred individuals, is presumed to be devoting or intending to devote more than fifty per cent of that individual's time to the solicitation or procurement of insurance contracts for societies.
E. In this state a person shall not solicit, forward applications or assist in placing insurance of residents of this state in any fraternal benefit society that is not authorized to transact business in this state.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.