Iowa Admin. Code r. 191-10.4

Current through Register Vol. 47, No. 6, September 18, 2024

Rule 191-10.4 - Licensing of resident producers

(1) A person whose home state is Iowa and who desires to be licensed as a producer must satisfy the following requirements:

a. Be at least 18 years of age;

b. Have not committed any act that is grounds for denial under subrule 10.20(4);

c. Submit a completed uniform application;

d. Pass an examination in the line of authority sought;

e. Pay the appropriate producer license fee; and

f. Submit to a criminal history check pursuant to Iowa Code section 522B.5.

(2) Examinations are conducted by the outside testing service on contract with the division. Applications and fees for examinations and for initial producer licensing will be submitted either to the outside testing service on contract with the division or as directed by the division. Instructions are available on the division's website.

(3) Reserved.

(4) Examination results are valid for 90 days after the date of the test. Failure to apply for licensure within 90 days after the examination is passed shall void the examination results.

(5) Amendments to producer licenses shall be done either by an outside vendor or by the division, as directed by the division. Any licensed producer desiring to become licensed in an additional line of authority must:

a. Submit a completed uniform application form through the NIPR Gateway or as directed by the division, specifying the line(s) of authority requested to be added. Instructions are available on the division's website; and

b. For each line of authority requested to be added, pass any required examination.

(6) A producer who holds a personal lines authority can obtain property and casualty lines of authority upon successful completion of the commercial insurance subject examination.

(7) To receive a license for excess and surplus lines, the applicant must have successfully completed the excess and surplus lines examination and also have successfully completed either:

(1) the examinations for property and casualty lines of authority; or

(2) the examinations for personal lines of authority and the commercial insurance subject examination.

(8) To receive a license for the variable products line of authority, the applicant must:

a. Hold an active Iowa insurance license with a life insurance line of authority;

b. Pass the Financial Industry Regulatory Authority (FINRA) examinations necessary to obtain an Iowa securities license; and

c. File an application through the NIPR Gateway or as directed by the division to amend the license to add the variable products line of authority.

(9) The division may require any documents reasonably necessary to verify the information contained in the application or to verify that the individual making application has the character and competency required to receive a producer license. If an applicant does not provide the additional information requested by the division within 45 days of receipt of the request, the application will expire and the license fee will not be returned.

Iowa Admin. Code r. 191-10.4

Amended by IAB February 12, 2020/Volume XLII, Number 17, effective 3/18/2020

Amended by IAB November 4, 2020/Volume XLIII, Number 10, effective 12/9/2020

Amended by IAB October 5, 2022/Volume XLV, Number 7, effective 11/9/2022