N.J. Admin. Code § 11:17-2.12

Current through Register Vol. 57, No. 1, January 6, 2025

Section 11:17-2.12 - Licensing information requirements

(a) The following requirements relate to the provision of criminal history information by licensed producers and license applicants.

1. An applicant for an initial individual resident license shall complete an electronic fingerprint scan through the vendor approved by the Department, pay the fees required for its processing, and upon request by the Department, submit proof of completion.

2. An applicant for a resident business entity license shall complete an electronic fingerprint scan through the vendor approved by the Department, pay the fees required for their processing, and upon request by the Department, submit proof of completion for each officer, director, partner and owner of 10 percent or more of the organization. Applicants who contemporaneously submit resident business entity and resident individual applications need not submit duplicates.

3. Upon request by the Department, a licensed producer or license applicant shall supply copies of any complaint, indictment, judgment of conviction or other related documents.

4. Failure to respond to any specific request or to submit documentation requested shall constitute grounds for denial of the license, or suspension or revocation of any current license.

5. Failure to indicate a criminal conviction on the application for an insurance producer's license shall constitute a material misrepresentation and subject a licensee to the penalties provided at N.J.S.A. 17:22A-40a and c and 17:22A-45.

6. All licensed insurance producers shall otherwise comply with the criminal and administrative action reporting requirements set forth at N.J.S.A. 17:22A-40a(18) and N.J.S.A. 17:22A-47.

(b) Upon request by the Department, a licensed producer or license applicant shall supply copies of any documentation pertaining to any bankruptcy involving funds held on behalf of others, assignment to creditors, insurance related debt or child support action. Failure to respond to any specific request or to submit documentation requested shall constitute grounds for denial of the license application or renewal of the license, or suspension or revocation of any current license.

(c) Licensed business entities shall notify the Department within 30 days of the addition or deletion of any licensed or unlicensed officer, director, partner or owner of 10 percent or more of the licensed organization. For resident business entities, notification of the addition of any unlicensed officer, director, partner or owner of 10 percent or more of the licensed business entity shall be accompanied by properly completed fingerprint forms together with the required fee. Licensed business entities shall retain evidence of notification for a period of five years or, until receipt of documentation from the Department verifying such change, if earlier.

(d) Departure, termination, or deletion of licensee officers, directors, partners, or designated responsible producers, which leaves a business entity insurance producer with no licensed officers, directors, partners, or designated responsible producers, or with officers, directors, partners, or designated responsible producers who do not have like authorities as the business entity producer, shall make the business entity producer license inactive. Under these circumstances, the business entity license shall be returned immediately to the Commissioner.

N.J. Admin. Code § 11:17-2.12

Recodified from 11:17-2.11 by 47 N.J.R. 1872(a), effective 7/20/2015

Amended by 48 N.J.R. 2152(a), effective 10/17/2016