(A) A producer's license continues on a biennial basis unless revoked or suspended subject to the following requirements:
(1) an individual producer license must be renewed by the last day of the licensee's month of birth based on the producer's year of birth as provided for in regulation;
(2) an individual producer license may not be renewed unless the continuing education requirements of Section 38-43-106 are met; and
(3) an individual producer license may not be renewed unless the biennial license renewal fee is paid as provided in Section 38-43-80.
(B) A producer who allows his license to lapse for failure to comply with Section 38-43-106, within six months from the compliance deadline, may reinstate the same license if continuing education requirements have been met and a penalty fee set forth by regulation is paid.
(C) A licensed insurance producer who is unable to comply with license renewal procedures due to active military service or some other extenuating circumstance (e.g., a long-term medical disability) may request a waiver of those procedures. The producer also may request a waiver of any examination requirement or any other fine or sanction imposed for failure to comply with renewal procedures.
HISTORY: Former 1976 Code Section 38-43-110 [1947 (45) 322; 1952 Code Section 37-660; 1962 Code Section 37-660] recodified as Section 38-73-90 by 1987 Act No. 155, Section 1; Former 1976 Code Sections 38-1-60 [1979 Act No. 63] and 38-51-130 [1947 (45) 322; 1952 Code Section 37-240; 1962 Code Section 37-240; 1976 Act No. 612 Section 4] recodified as Section 38-43-110 by 1987 Act No. 155, Section 1; 1992 Act No. 501, Part II Section 11I; 1993 Act No. 181, Section 662; 2002 Act No. 323, Section 2, eff January 31, 2003; 2008 Act No. 326, Section 10, eff June 16, 2008; 2009 Act No. 69, Section 5, eff June 2, 2009.
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