2006 Minnesota Statutes

60K.37 APPLICATION FOR LICENSE.
    Subdivision 1. Resident insurance producer. A person is a resident of this state if that
person resides in this state or the principal place of business of that person is maintained in this
state. Application for a license claiming residency in this state constitutes an election of residency
in this state. A license issued upon an application claiming residency in this state is void if the
licensee, while holding a resident license in this state, obtains a resident license in, or claims to be
a resident of, any other state or jurisdiction or if the licensee ceases to be a resident of this state.
    Subd. 2. Individuals. A person applying for a resident insurance producer license shall
make application to the commissioner on the Uniform Application and declare under penalty of
refusal, suspension, or revocation of the license that the statements made in the application are
true, correct, and complete to the best of the individual's knowledge and belief. Before approving
the application, the commissioner shall find that the individual:
(1) is at least 18 years of age;
(2) has not committed any act that is a ground for denial, suspension, or revocation set
forth in section 60K.43;
(3) has completed, where required by the commissioner, a prelicensing course of study for
the lines of authority for which the person has applied;
(4) has paid the fees set forth in section 60K.55; and
(5) has successfully passed the examinations for the lines of authority for which the person
has applied.
    Subd. 3. Businesses. (a) A business entity acting as an insurance producer is required to
obtain an insurance producer license. Application must be made using the Uniform Business
Entity Application. Before approving the application, the commissioner shall find that:
(1) the business entity has paid the fees set forth in section 60K.55; and
(2) the business entity has designated an individual licensed producer responsible for the
business entity's compliance with the insurance laws and rules of this state.
(b) A business entity insurance producer license does not grant authority to any individual
officer, director, partner, member, or employee to act as an insurance producer.
    Subd. 4. Service of process. Application for a license under this chapter constitutes
appointment of the commissioner as the person's agent for service of process under section 45.028.
    Subd. 5. Additional documentation. The commissioner may require any documents
reasonably necessary to verify the information contained in an application.
    Subd. 6. Limited line credit insurance instruction. An insurer that sells, solicits, or
negotiates any form of limited line credit insurance shall provide to each individual whose duties
will include selling, soliciting, or negotiating limited line credit insurance a program of instruction
that may be approved by the commissioner.
    Subd. 7. Variable life and variable annuity. A resident individual applying for a variable
life and variable annuity license shall demonstrate that the applicant holds a current license as
a life insurance producer.
History: 2001 c 117 art 1 s 8; 2005 c 100 s 4