§431:9A-124 - Prerequisites for license renewal.

§431:9A-124 Prerequisites for license
renewal. (a) To qualify for a license renewal, a licensee shall:

(1) During the twenty-four months preceding a license
renewal, complete the required number of credit hours as set forth in
subsection (b) in approved continuing education courses; and

(2) Pay the fees as required under section 431:7-101.

(b) [Subsection effective until June 30,
2010. For subsection effective July 1, 2010, see below.] The required
number of credit hours shall be as follows:

(1) For a licensee authorized to sell lines of
insurance in only one of the following groups:

(A) Life or accident and health or sickness;
or

(B) Property, marine and transportation,
vehicle, general casualty, or surety;

the requisite number of credit hours shall
be twenty hours relating to the line of authority for which the license is
held, including three credit hours relating to the insurance laws and the
insurance rules;

(2) For a licensee with a license to sell lines of
insurance in both groups in paragraph (1), the total requisite number of credit
hours shall be thirty hours, of which:

(A) Twelve hours shall relate to paragraph
(1)(A) of which two hours shall relate to the insurance laws and the rules
relating to the line of authority for which the license is held; and

(B) Eighteen hours shall relate to paragraph
(1)(B) of which two hours shall relate to the insurance laws and the rules
relating to the line of authority for which the license is held.

(b) [Subsection effective July 1, 2010. For
subsection effective until June 30, 2010, see above.] The required number
of credit hours shall be as follows:

(1) For a licensee authorized to sell lines of
insurance in only one of the following groups:

(A) Life or accident and health or sickness; or

(B) Property, marine and transportation,
vehicle, general casualty, or surety;

the requisite number of credit hours shall be
twenty-four credit hours, consisting of twenty-one credit hours relating to the
line of authority for which the license is held and three credit hours relating
to ethics training or relating to the insurance laws and the insurance rules;

(2) For a licensee with a license to sell lines of
insurance in both groups in paragraph (1), the total requisite number of credit
hours shall be twenty-four credit hours, consisting of:

(A) Ten credit hours relating to paragraph
(1)(A);

(B) Eleven credit hours relating to paragraph
(1)(B); and

For purposes of this section, ethics training shall
include but shall not be limited to the study of fiduciary responsibility,
commingling of funds, payment and acceptance of commissions, unfair claims
practices, policy replacement considerations, and conflicts of interest.

(c) Continuing education equivalents, as
determined and approved by the commissioner, may include the teaching of
continuing education courses and holding certain professional designations, but
shall not include the use of carryover credit hours earned in excess of the
required hours in any two-year renewal cycle.

(d) Unless an extension of time has been
granted in advance by the commissioner, a licensee's failure to satisfy all of
the continuing education requirements by the renewal date shall result in that
licensee's license being automatically placed on an inactive status. To
reactivate a license, the licensee shall submit proof to the insurance division
that the requisite number of credit hours has been completed and the licensee
shall pay any required fees and penalties.

(e) After a licensee completes an approved
continuing education course, the approved course provider shall issue to the
licensee a certificate of completion in a form approved by the commissioner
that certifies that the licensee has successfully completed the course. Both
the licensee and a person authorized to sign on behalf of the approved course
provider shall sign the certificate of completion. The approved course
provider shall electronically submit the certificate of completion to the
insurance division within fifteen days of course completion.

(f) This section shall not apply to a licensee
granted an exemption by the commissioner from this section pursuant to section
431:9A-116.

(g) The commissioner may grant an extension of
time to meet the requirements of this section to a licensee on extended active
military duty for a period of time equal to the number of days the licensee was
on active military duty. [L 2001, c 216, pt of §2; am L 2002, c 155, §35; am L
2003, c 212, §§65, 66; am L 2006, c 154, §31; am L 2009, c 77, §9]