SF 2611

Introduction - 87th Legislature (2011 - 2012)

Posted on 04/25/2012 09:27 a.m.

A bill for an act
relating to commerce; regulating continuing education for insurance agents;
amending Minnesota Statutes 2010, section 60K.56, subdivision 5.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

Minnesota Statutes 2010, section 60K.56, subdivision 5, is amended to read:

Subd. 5.

Criteria for course accreditation.

(a) The commissioner may accredit a
course only to the extent it is designed to impart substantive and procedural knowledge of
the insurance field. The burden of demonstrating that the course satisfies this requirement
is on the individual or organization seeking accreditation. The commissioner is authorized
to establish a procedure for renewal of course accreditation.

(b) The commissioner shall approve or disapprove professional designation
examinations that are recommended for approval by the advisory task force. In order
for an insurance producer to receive full continuing education credit for a professional
designation examination, the producer must pass the examination. A producer may
not receive credit for classroom instruction preparing for the professional designation
examination and also receive continuing education credit for passing the professional
designation examination.

new text begin (c) The commissioner shall approve continuing education coursework offered
by accredited institutions of higher education that impart substantive and procedural
knowledge of the insurance field. Continuing education courses offered by accredited
institutions of higher education shall not be considered company sponsored courses unless
coursework is restricted to producers of one company or its affiliates.
new text end