18 Del. Admin. Code § 1201-9.0

Current through Register Vol. 28, No. 5, November 1, 2024

Section 1201-9.0 - Examination of Agents and Other Persons

9.1 No agent shall be eligible to sell or offer for sale in this State any variable contract unless prior to making any solicitation or sale of such a contract, he also be licensed by this Department as a variable contract agent per the authority and subject to the provisions of 18 Del.C. § 1714(d) and these regulations.

9.2 The Commissioner shall issue the variable annuity authority to agents who have successfully completed the life agent's examination or have otherwise qualified for an agent's license for the line of life insurance and who present evidence of a valid NASD license (Series 6 or 7).

Amendments to Article IX effective July 1, 1983: Article IX was amended by deleting sections 2 through 12 in their entirety and by substituting a new section 2 in lieu thereof, effective July 1, 1983. See Item III, Decision. of the Regulatory Hearing proceedings preceding the text of Regulation No. 44.

9.3 The Commissioner may reject any application or suspend or revoke or refuse to renew any variable contract agent's license upon any ground that would bar such applicant or such agent from being licensed to sell life insurance contracts in this State. The Insurance Laws of this State and any regulations issued thereunder governing any proceeding relating to the suspension or revocation of a life insurance agent's license shall also govern any proceeding for suspension or revocation of a variable contract agent's license.

9.4 Renewal of a variable contract agent's license shall follow the same procedure established for renewal of an agent's license to sell life insurance contracts in this State.

18 Del. Admin. Code § 1201-9.0