2001 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.  However, if the 
 applicant is a resident of a community or trade area, the border 
 of which is contiguous with the state line of this state, the 
 applicant may qualify for a resident license in this state and 
 at the same time hold a resident license from the contiguous 
 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. 

    HIST: 2001 c 117 art 1 s 8 

*   NOTE:  This section, as added by Laws 2001, chapter 117, 
*article 1, section 8, is effective July 1, 2002.  Laws 2001, 
*chapter 117, article 1, section 29.