375.065. 1. Notwithstanding any other provision of this chapter, thedirector may license credit insurance producers by issuing individuallicenses to each credit insurance producer or by issuing an organizationalcredit entity license to a resident or nonresident applicant who hascomplied with the requirements of subsections 1 to 7 of this section. Anorganizational credit entity license authorizes the employees of thelicensee who are at least eighteen years of age, acting on behalf of andsupervised by the licensee and whose compensation is not primarily paid ona commission basis to act as insurance producers for the following types ofinsurance:
(1) Credit life insurance;
(2) Credit accident and health insurance;
(3) Credit property insurance;
(4) Credit mortgage life insurance;
(5) Credit mortgage disability insurance;
(6) Credit involuntary unemployment insurance;
(7) Any other form of credit or credit-related insurance approved bythe director.
2. To obtain an organizational credit entity license, an applicantshall submit to the director the uniform business entity application alongwith a fee of one hundred dollars. All applications shall include thefollowing information:
(1) The name of the business entity, the business address oraddresses of the business entity and the type of ownership of the businessentity. If a business entity is a partnership or unincorporatedassociation, the application shall contain the name and address of everyperson or corporation having a financial interest in or owning any part ofthe business entity. If the business entity is a corporation, theapplication shall contain the names and addresses of all officers anddirectors of the corporation. If the business entity is a limitedliability company, the application shall contain the names and addresses ofall members and officers of the limited liability company;
(2) A list of all persons employed by the business entity and to whomit pays any salary or commission for the sale, solicitation, negotiation orprocurement of any contracts of credit life, credit accident and health,credit involuntary unemployment, credit leave of absence, credit property,credit mortgage life, credit mortgage disability or any other form ofcredit or credit-related insurance approved by the director. Any changesin the list of employees of the business entity due to hiring ortermination or any other reason shall be submitted to the director withinten days of the change.
3. All persons included on the list referenced in subdivision (2) ofsubsection 2 of this section shall be deemed insurance producers pursuantto the provisions of subsection 1 of section 375.014 for the authorizedlines of credit insurance, and shall be deemed licensed insurance producersfor the purposes of section 375.141, notwithstanding the fact thatindividual licenses are not issued to those persons included on thebusiness entity application list.
4. Upon receipt of a completed application and payment of therequisite fees, the director, if satisfied that an applicant has compliedwith all license requirements contained in subsections 1 to 7 of thissection, shall issue the applicant an organizational credit business entitylicense which shall remain in effect for one year or until suspended orrevoked by the director, or until the organizational credit business entityceases to operate as a legal entity in this state. Each organizationalcredit business entity shall renew its license annually, on or before theanniversary date of the original issuance of the license, by:
(1) Paying a renewal fee of fifty dollars;
(2) Providing the director a list of all employees selling,soliciting, negotiating and procuring credit insurance, and paying a fee ofeighteen dollars per each employee.
5. Licenses of organizational credit business entities which are nottimely renewed shall expire on the anniversary date of the originalissuance. An organizational credit business entity that allows the licenseto expire may, within twelve months of the due date of the renewal,reinstate the license by paying the license fee that would have been paidhad the license been renewed in a timely manner plus a penalty oftwenty-five dollars per month that the license was expired.
6. Notwithstanding any other provision of law to the contrary,subsections 1 to 7 of this section shall not be construed to prohibit aninsurance company from paying a commission or providing another form ofremuneration to a duly licensed organizational credit business entity.
7. The director shall have the power to promulgate such rules andregulations as are necessary to implement the provisions of subsections 1to 7 of this section. No rule or portion of a rule promulgated pursuant tothe authority of subsections 1 to 7 of this section shall become effectiveunless it has been promulgated pursuant to the provisions of chapter 536,RSMo.
375.065. 1. Notwithstanding any other provision of this chapter, thedirector may license credit insurance producers by issuing individuallicenses to each credit insurance producer or by issuing an organizationalcredit entity license to a resident or nonresident applicant who hascomplied with the requirements of subsections 1 to 7 of this section. Anorganizational credit entity license authorizes the employees of thelicensee who are at least eighteen years of age, acting on behalf of andsupervised by the licensee and whose compensation is not primarily paid ona commission basis to act as insurance producers for the following types ofinsurance:
(1) Credit life insurance;
(2) Credit accident and health insurance;
(3) Credit property insurance;
(4) Credit mortgage life insurance;
(5) Credit mortgage disability insurance;
(6) Credit involuntary unemployment insurance;
(7) Any other form of credit or credit-related insurance approved bythe director.
2. To obtain an organizational credit entity license, an applicantshall submit to the director the uniform business entity application alongwith a fee of one hundred dollars. All applications shall include thefollowing information:
(1) The name of the business entity, the business address oraddresses of the business entity and the type of ownership of the businessentity. If a business entity is a partnership or unincorporatedassociation, the application shall contain the name and address of everyperson or corporation having a financial interest in or owning any part ofthe business entity. If the business entity is a corporation, theapplication shall contain the names and addresses of all officers anddirectors of the corporation. If the business entity is a limitedliability company, the application shall contain the names and addresses ofall members and officers of the limited liability company;
(2) A list of all persons employed by the business entity and to whomit pays any salary or commission for the sale, solicitation, negotiation orprocurement of any contracts of credit life, credit accident and health,credit involuntary unemployment, credit leave of absence, credit property,credit mortgage life, credit mortgage disability or any other form ofcredit or credit-related insurance approved by the director. Any changesin the list of employees of the business entity due to hiring ortermination or any other reason shall be submitted to the director withinten days of the change.
3. All persons included on the list referenced in subdivision (2) ofsubsection 2 of this section shall be deemed insurance producers pursuantto the provisions of subsection 1 of section 375.014 for the authorizedlines of credit insurance, and shall be deemed licensed insurance producersfor the purposes of section 375.141, notwithstanding the fact thatindividual licenses are not issued to those persons included on thebusiness entity application list.
4. Upon receipt of a completed application and payment of therequisite fees, the director, if satisfied that an applicant has compliedwith all license requirements contained in subsections 1 to 7 of thissection, shall issue the applicant an organizational credit business entitylicense which shall remain in effect for one year or until suspended orrevoked by the director, or until the organizational credit business entityceases to operate as a legal entity in this state. Each organizationalcredit business entity shall renew its license annually, on or before theanniversary date of the original issuance of the license, by:
(1) Paying a renewal fee of fifty dollars;
(2) Providing the director a list of all employees selling,soliciting, negotiating and procuring credit insurance, and paying a fee ofeighteen dollars per each employee.
5. Licenses of organizational credit business entities which are nottimely renewed shall expire on the anniversary date of the originalissuance. An organizational credit business entity that allows the licenseto expire may, within twelve months of the due date of the renewal,reinstate the license by paying the license fee that would have been paidhad the license been renewed in a timely manner plus a penalty oftwenty-five dollars per month that the license was expired.
6. Notwithstanding any other provision of law to the contrary,subsections 1 to 7 of this section shall not be construed to prohibit aninsurance company from paying a commission or providing another form ofremuneration to a duly licensed organizational credit business entity.
7. The director shall have the power to promulgate such rules andregulations as are necessary to implement the provisions of subsections 1to 7 of this section. No rule or portion of a rule promulgated pursuant tothe authority of subsections 1 to 7 of this section shall become effectiveunless it has been promulgated pursuant to the provisions of chapter 536,RSMo.
375.065. 1. Notwithstanding any other provision of this chapter, thedirector may license credit insurance producers by issuing individuallicenses to each credit insurance producer or by issuing an organizationalcredit entity license to a resident or nonresident applicant who hascomplied with the requirements of subsections 1 to 7 of this section. Anorganizational credit entity license authorizes the employees of thelicensee who are at least eighteen years of age, acting on behalf of andsupervised by the licensee and whose compensation is not primarily paid ona commission basis to act as insurance producers for the following types ofinsurance:
(1) Credit life insurance;
(2) Credit accident and health insurance;
(3) Credit property insurance;
(4) Credit mortgage life insurance;
(5) Credit mortgage disability insurance;
(6) Credit involuntary unemployment insurance;
(7) Any other form of credit or credit-related insurance approved bythe director.
2. To obtain an organizational credit entity license, an applicantshall submit to the director the uniform business entity application alongwith a fee of one hundred dollars. All applications shall include thefollowing information:
(1) The name of the business entity, the business address oraddresses of the business entity and the type of ownership of the businessentity. If a business entity is a partnership or unincorporatedassociation, the application shall contain the name and address of everyperson or corporation having a financial interest in or owning any part ofthe business entity. If the business entity is a corporation, theapplication shall contain the names and addresses of all officers anddirectors of the corporation. If the business entity is a limitedliability company, the application shall contain the names and addresses ofall members and officers of the limited liability company;
(2) A list of all persons employed by the business entity and to whomit pays any salary or commission for the sale, solicitation, negotiation orprocurement of any contracts of credit life, credit accident and health,credit involuntary unemployment, credit leave of absence, credit property,credit mortgage life, credit mortgage disability or any other form ofcredit or credit-related insurance approved by the director. Any changesin the list of employees of the business entity due to hiring ortermination or any other reason shall be submitted to the director withinten days of the change.
3. All persons included on the list referenced in subdivision (2) ofsubsection 2 of this section shall be deemed insurance producers pursuantto the provisions of subsection 1 of section 375.014 for the authorizedlines of credit insurance, and shall be deemed licensed insurance producersfor the purposes of section 375.141, notwithstanding the fact thatindividual licenses are not issued to those persons included on thebusiness entity application list.
4. Upon receipt of a completed application and payment of therequisite fees, the director, if satisfied that an applicant has compliedwith all license requirements contained in subsections 1 to 7 of thissection, shall issue the applicant an organizational credit business entitylicense which shall remain in effect for one year or until suspended orrevoked by the director, or until the organizational credit business entityceases to operate as a legal entity in this state. Each organizationalcredit business entity shall renew its license annually, on or before theanniversary date of the original issuance of the license, by:
(1) Paying a renewal fee of fifty dollars;
(2) Providing the director a list of all employees selling,soliciting, negotiating and procuring credit insurance, and paying a fee ofeighteen dollars per each employee.
5. Licenses of organizational credit business entities which are nottimely renewed shall expire on the anniversary date of the originalissuance. An organizational credit business entity that allows the licenseto expire may, within twelve months of the due date of the renewal,reinstate the license by paying the license fee that would have been paidhad the license been renewed in a timely manner plus a penalty oftwenty-five dollars per month that the license was expired.
6. Notwithstanding any other provision of law to the contrary,subsections 1 to 7 of this section shall not be construed to prohibit aninsurance company from paying a commission or providing another form ofremuneration to a duly licensed organizational credit business entity.
7. The director shall have the power to promulgate such rules andregulations as are necessary to implement the provisions of subsections 1to 7 of this section. No rule or portion of a rule promulgated pursuant tothe authority of subsections 1 to 7 of this section shall become effectiveunless it has been promulgated pursuant to the provisions of chapter 536,RSMo.
