2006 Minnesota Statutes

60K.38 LICENSE.
    Subdivision 1. Issuance. (a) Unless denied a license under section 60K.43, a person who
has met the requirements of sections 60K.36 and 60K.37 must be issued an insurance producer
license. An insurance producer may receive qualification for a license in one or more of the
lines of authority in paragraphs (b) and (c).
(b) An individual insurance producer may receive qualification for a license in one or more
of the following major lines:
(1) life insurance: coverage on human lives including benefits of endowment and annuities,
and may include benefits in the event of death or dismemberment by accident and benefits for
disability income;
(2) accident and health or sickness insurance: coverage for sickness, bodily injury, or
accidental death, and may include benefits for disability income;
(3) property insurance: coverage for the direct or consequential loss or damage to property
of every kind;
(4) casualty insurance: coverage against legal liability, including that for death, injury, or
disability, or damage to real or personal property;
(5) variable life and variable annuity products insurance: coverage provided under variable
life insurance contracts and variable annuities; and
(6) personal lines: property and casualty insurance coverage sold to individuals and families
for primarily noncommercial purposes.
(c) An individual insurance producer may receive qualification for a license in one or more
of the following limited lines:
(1) limited line credit insurance;
(2) farm property and liability insurance;
(3) title insurance;
(4) travel baggage insurance;
(5) mobile telephone insurance; and
(6) bail bonds.
    Subd. 2. Period of effectiveness. An insurance producer license remains in effect unless
revoked or suspended as long as the fee set forth in section 60K.55 is paid, continuing education
requirements for resident individual producers are met, and all additional documentation required
by the commissioner is provided by the renewal date.
    Subd. 3. Lapsed license. An individual insurance producer who allows the license to lapse
may, within 12 months from the due date of the renewal fee, reinstate the license without the
necessity of passing a written examination. However, a penalty in the amount of twice the unpaid
renewal fee must be paid by the individual for any renewal fee received after the due date.
    Subd. 4. Waivers. A licensed insurance producer who is unable to comply with license
renewal procedures due to military service or some other extenuating circumstance, such as a
long-term medical disability, may request a waiver of those procedures. The producer may also
request a waiver of any examination requirement or any other fine or sanction imposed for failure
to comply with renewal procedures.
    Subd. 5. Contents. The license must contain the licensee's name, address, producer license
number, and the date of issuance, the lines of authority, the expiration date, and any other
information the commissioner considers necessary.
    Subd. 6. Name or address changes. Licensees shall inform the commissioner, by any means
acceptable to the commissioner, of a change of name or address within ten days of the change.
    Subd. 7. Administrative assistance to commissioner. In order to assist in the performance
of the commissioner's duties, the commissioner may contract with nongovernmental entities,
including the National Association of Insurance Commissioners (NAIC) or any affiliates or
subsidiaries that the NAIC oversees, to perform any ministerial functions, including the collection
of fees, related to producer licensing that the commissioner and the nongovernmental entity
consider appropriate.
History: 2001 c 117 art 1 s 9; 2005 c 100 s 5