18 Del. Admin. Code § 1205-11.0

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

Section 1205-11.0 - Qualification of Agents for the Sale of Variable Life Insurance

11.1 Qualification to Sell Variable Life Insurance

11.1.1 No person may sell or offer for sale in this state any variable life insurance policy unless such person holds a Delaware insurance license (either resident or nonresident), valid for the line of variable annuity (18 Del.C. § 1707), and a valid agent's appointment to represent an admitted insurer (18 Del.C. § 1715).

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

11.2 Reports of Disciplinary Actions:

11.2.1 Any person qualified in this state under this Article to sell or offer to sell variable life insurance shall immediately report to the Commissioner:

11.2.1.1 any suspension or revocation of his agent's license in any other state or territory of the United States;

11.2.1.2 the imposition of any disciplinary sanction, including suspension or expulsion from membership, suspension, or revocation of or denial of registration, imposed upon him by any national securities exchange, or national securities association, or any federal, state, or territorial agency with jurisdiction over securities or variable life insurance;

11.2.1.3 any judgment or injunction entered against him on the basis of conduct deemed to have involved fraud, deceit, misrepresentation, or violation of any insurance or securities law or regulation.

11.3 Refusal to Qualify Agent to Sell Variable Life Insurance:

11.3.1 Suspension, Revocation, or Nonrenewal of Qualification: The Commissioner may reject any application or suspend or revoke or refuse to renew any agent's qualification under this section 11.0 to sell or offer to sell variable life insurance upon any ground that would bar such applicant or such agent from being licensed to sell other life insurance contracts in this state. The rules governing any proceeding relating to the suspension or revocation of any agent's license shall also govern any proceeding for suspension or revocation of an agent's qualification to sell or offer to sell variable life insurance.

18 Del. Admin. Code § 1205-11.0