La. Admin. Code tit. 37 § XIII-7715
Current through Register Vol. 50, No. 9, September 20, 2024
Section XIII-7715 - Licensing of Agents and Other PersonsA.1. No producer shall be eligible to sell or offer for sale a contract on a variable basis unless, prior to making any solicitation or sale of such a contract, that producer presents evidence of satisfactorily passing one of the following written examinations upon securities and variable contracts and is afterwards duly licensed to sell variable annuities in this state: a. any state securities examination accepted by the Securities and Exchange Commission;b. the National Association of Securities Dealers, Inc. examination for principals or examination for qualification as a registered representative;c. the various securities examinations required by the New York Stock Exchange, the American Stock Exchange, the Pacific Stock Exchange, or any other registered national securities exchange;d. the Securities and Exchange Commission test given pursuant to 15 U.S.C. 78 o(b)(7) of the Securities Exchange Act of 1934.2. Any producer who participates only in the sale or offering for sale of variable contracts that are not registered under the Federal Securities Act of 1933 need not be licensed as a variable contract producer.3. Any producer applying for a license as a variable contract producer shall do so by filing an application. All applications for a license shall be in writing on uniform forms prescribed by the Commissioner of Insurance.4. Any producer who participates only in the sale or offering for sale of variable annuity contracts need not be licensed as a life producer also. All other licensing requirements continue to apply.B. Any applicant for license as a variable contract producer shall present evidence that the applicant is currently registered with the Federal Securities and Exchange Commission as a broker-dealer or is currently associated with a broker-dealer and has met qualification requirements with respect to such association.C. Except as modified by this regulation, refer to Title 22 Chapter 5 and the Insurance Regulations of this Department governing the licensing of life insurance producers.D. Any person licensed in this state as a variable contract producer shall immediately report to the commissioner: 1. any suspension or revocation of the producer's variable contract license or life insurance license, if so licensed, in any other state or territory of the United States;2. the imposition of any disciplinary sanctions (including the suspension or expulsion from membership, suspension or revocation of or denial of registration) imposed upon him/her by the National Securities Exchange, The National Securities Association, or any federal, state, or territorial agency with jurisdiction over securities or contracts on a variable basis;3. any judgment or injunction entered against him/her on the basis of conduct deemed to have involved fraud, deceit, misrepresentation, or violation of any insurance or securities law or regulation.E. The commissioner may reject any application or suspend, revoke, or refuse to renew any producer's variable contract license upon any ground that would bar such applicant or such producer from being licensed to sell life insurance contracts in this state. The rules governing any proceeding relating to the suspension or revocation of an producer's life insurance license shall also govern any proceeding for suspension or revocation of an producer's variable contract license.F. A variable contract license shall be renewed biannually.La. Admin. Code tit. 37, § XIII-7715
Promulgated by the Department of Insurance, Commissioner of Insurance, January 1969, amended LR 24:69 (January 1998), LR 35:2782 (December 2009).AUTHORITY NOTE: Promulgated in accordance with R.S. 22:1500 of the Revised Statutes of 1950.