Legislative Session number- 82

Bill Name: SF1826

E Relating to insurance ARTICLE 1 INSURANCE PRODUCERSProviding qualifications
and procedures for the licensing of insurance producers by the commissioner of
commerce; defining certain terms; requiring a producer license to sell, solicit
or negotiate insurance, imposing a criminal penalty for violation; specifying
certain exceptions to the licensing requirement; subjecting fraternal benefit
society representatives to the licensing requirement, exceptions; specifying
certain course of study and examination requirements for licensing purposes,
exceptions, authorizing the commissioner to contract for testing with an outside
service, specifying the validity of examination results; specifying certain
license application and qualification requirements for the issuance of licenses
to individuals and businesses, providing for the issuance of resident and
nonresident licenses; providing for the use of assumed names; authorizing and
providing for commissioner issuance of temporary insurance producer licenses in
certain cases, authorizing certain limits; specifying grounds for commissioner
license denial, nonrenewal, suspension or revocation, specifying certain hearing
rights, authorizing commissioner imposition of a civil fine in addition to or in
lieu of license denial, suspension or revocation; specifying certain conditions
for relicensure after revocation, requiring a performance bond; requiring a tax
clearance certificate for license issuance or renewal; regulating personal
solicitation of insurance sales, fees for services and the payment of
commissions or compensation; requiring suitability of recommended insurance
purchases; requiring the immediate deposit of premiums; providing for the
privacy of insureds; requiring written binders; imposing personal liability for
placing insurance in an unauthorized company; regulating insurer appointments to
transact business; requiring notice to the commissioner of appointment
terminations, requiring a copy to the producer, liability immunity provision;
classifying investigative data and regulating the use and sharing of licensing
and investigative data; providing for license reciprocity; specifying certain
producer actions reporting requirements; specifying license and renewal fees and
certain continuing education requirements, providing for course accreditation by
the commissioner and for commissioner waiver of the requirements under certain
conditions, specifying certain producer reporting and commissioner enforcement
requirements; repealing existing provisions providing for the licensing and
regulation of insurance agents ARTICLE 2 CORRECTIVE, CONFORMING AND OTHER
PROVISIONSMaking conforming amendments to certain statutory provisions relating
to insurance agents licensing, agents status with the department of employee
relations (DOER), agency contracts, certain prohibited practices, long term care
insurance policies or certificates purchase or replacement recommendations, the
regulation of trade practices and the disclosure of certain information;
increasing the agent appointment fee (mk, ja)