§ 58‑33‑32. Interstate reciprocity in producer licensing.
(a) The purpose of thissection is to make North Carolina insurance producer licensing comply with thereciprocity requirements in the federal Gramm‑Leach‑Bliley Act,Public Law 106‑102. This section does not apply to surplus lineslicensees in Article 21 of this Chapter, except as provided in subsections (c)and (d) of this section.
(b) Repealed by SessionLaws 2001‑203, s. 13, effective July 1, 2002.
(c) Unless deniedlicensure under G.S. 58‑33‑30 or G.S. 58‑33‑50, anonresident person shall receive a nonresident producer license if:
(1) The person iscurrently licensed as a resident and in good standing in that person's homestate;
(2) The person hassubmitted the request for licensure in the form prescribed by the Commissionerand has paid the applicable fees required by G.S. 58‑33‑125;
(3) The person hassubmitted or transmitted to the Commissioner a copy of the application forlicensure that the person submitted to that person's home state, or in lieu ofthe same, a completed Uniform Application or Uniform Business EntityApplication; and
(4) The person's homestate awards nonresident producer licenses to residents of this State on areciprocal basis.
The Commissioner may verifythe producer's licensing status through the producer database maintained by theNAIC or affiliates or subsidiaries of the NAIC.
(d) A person licensedas a surplus lines producer in that person's home state shall receive anonresident surplus lines license under subsection (c) of this section. Exceptfor the licensure provisions of this section, nothing in this section otherwiseamends or supersedes any provision of Article 21 of this Chapter.
(e) A person licensedor registered as a viatical settlement broker or provider, as defined in G.S.58‑58‑205, in that person's home state shall receive a nonresidentviatical settlement broker or provider license under subsection (c) of thissection. Except for the licensure provisions of this section, nothing in thissection otherwise amends or supersedes any provision of Part 5 of Article 58 ofthis Chapter.
(f) A person licensedas a limited line credit insurance producer or other type of limited linesproducer in that person's home state may, under subsection (c) of this section,receive a nonresident limited lines producer license granting the same scope ofauthority as granted under the license issued by the producer's home state. Forthe purposes of this subsection, limited lines insurance is any authoritygranted by the home state that restricts the authority of the license to lessthan the total authority prescribed in the associated major lines under G.S. 58‑33‑26(c)(1),58‑33‑26(c)(2), 58‑33‑26(c)(3), and 58‑33‑26(c)(4).
(g) An individual whoapplies for an insurance producer license in this State who was previouslylicensed for the same kinds of insurance in that individual's home state shallnot be required to complete any prelicensing education or examination. Thisexemption is available only if:
(1) The applicant iscurrently licensed in the applicant's home state; or
(2) The application isreceived within 90 days after the cancellation of the applicant's previouslicense and the applicant's home state issues a certification that, at the timeof cancellation, the applicant was in good standing in that state; or
(3) The home state'sproducer database records, maintained by the NAIC or affiliates or subsidiariesof the NAIC, indicate that the producer is or was licensed in good standing forthe kind of insurance requested.
A person licensed as an insuranceproducer in another state who moves to this State and who wants to be licensedas a resident under G.S. 58‑33‑31 shall apply within 90 days afterestablishing legal residence.
(h) The Commissionershall not assess a greater fee for an insurance license or related service to anonresident producer based solely on the fact that the producer does not residein this State.
(i) The Commissionershall waive any license application requirements for a nonresident licenseapplicant with a valid license from the applicant's home state, except therequirements imposed by subsection (c) of this section, if the applicant's homestate awards nonresident licenses to residents of this State on the same basis.
(j) A nonresidentproducer's satisfaction of the nonresident producer's home state's continuingeducation requirements for licensed insurance producers shall constitutesatisfaction of this State's continuing education requirements if thenonresident producer's home state recognizes the satisfaction of its continuingeducation requirements imposed upon producers from this State on the samebasis.
(k) A producer shallreport to the Commissioner any administrative action taken against the producerin another state or by another governmental agency in this State within 30 daysafter the final disposition of the matter. As used in this subsection,"administrative action" includes enforcement action taken against theproducer by the FINRA. This report shall include a copy of the order or consentorder and other information or documents filed in the proceeding necessary todescribe the action.
(l) Within 30 daysafter the initial pretrial hearing date or similar proceeding, a producer shallreport to the Commissioner any criminal prosecution of the producer. The reportshall include a copy of the initial complaint filed, the order resulting fromthe hearing or similar proceeding, and any other information or documents filedin the proceeding necessary to describe the prosecution. (2000‑122, s. 2; 2001‑203,s. 13; 2001‑436, s. 4; 2007‑507, s. 4; 2009‑566, s. 5.)
§ 58‑33‑32. Interstate reciprocity in producer licensing.
(a) The purpose of thissection is to make North Carolina insurance producer licensing comply with thereciprocity requirements in the federal Gramm‑Leach‑Bliley Act,Public Law 106‑102. This section does not apply to surplus lineslicensees in Article 21 of this Chapter, except as provided in subsections (c)and (d) of this section.
(b) Repealed by SessionLaws 2001‑203, s. 13, effective July 1, 2002.
(c) Unless deniedlicensure under G.S. 58‑33‑30 or G.S. 58‑33‑50, anonresident person shall receive a nonresident producer license if:
(1) The person iscurrently licensed as a resident and in good standing in that person's homestate;
(2) The person hassubmitted the request for licensure in the form prescribed by the Commissionerand has paid the applicable fees required by G.S. 58‑33‑125;
(3) The person hassubmitted or transmitted to the Commissioner a copy of the application forlicensure that the person submitted to that person's home state, or in lieu ofthe same, a completed Uniform Application or Uniform Business EntityApplication; and
(4) The person's homestate awards nonresident producer licenses to residents of this State on areciprocal basis.
The Commissioner may verifythe producer's licensing status through the producer database maintained by theNAIC or affiliates or subsidiaries of the NAIC.
(d) A person licensedas a surplus lines producer in that person's home state shall receive anonresident surplus lines license under subsection (c) of this section. Exceptfor the licensure provisions of this section, nothing in this section otherwiseamends or supersedes any provision of Article 21 of this Chapter.
(e) A person licensedor registered as a viatical settlement broker or provider, as defined in G.S.58‑58‑205, in that person's home state shall receive a nonresidentviatical settlement broker or provider license under subsection (c) of thissection. Except for the licensure provisions of this section, nothing in thissection otherwise amends or supersedes any provision of Part 5 of Article 58 ofthis Chapter.
(f) A person licensedas a limited line credit insurance producer or other type of limited linesproducer in that person's home state may, under subsection (c) of this section,receive a nonresident limited lines producer license granting the same scope ofauthority as granted under the license issued by the producer's home state. Forthe purposes of this subsection, limited lines insurance is any authoritygranted by the home state that restricts the authority of the license to lessthan the total authority prescribed in the associated major lines under G.S. 58‑33‑26(c)(1),58‑33‑26(c)(2), 58‑33‑26(c)(3), and 58‑33‑26(c)(4).
(g) An individual whoapplies for an insurance producer license in this State who was previouslylicensed for the same kinds of insurance in that individual's home state shallnot be required to complete any prelicensing education or examination. Thisexemption is available only if:
(1) The applicant iscurrently licensed in the applicant's home state; or
(2) The application isreceived within 90 days after the cancellation of the applicant's previouslicense and the applicant's home state issues a certification that, at the timeof cancellation, the applicant was in good standing in that state; or
(3) The home state'sproducer database records, maintained by the NAIC or affiliates or subsidiariesof the NAIC, indicate that the producer is or was licensed in good standing forthe kind of insurance requested.
A person licensed as an insuranceproducer in another state who moves to this State and who wants to be licensedas a resident under G.S. 58‑33‑31 shall apply within 90 days afterestablishing legal residence.
(h) The Commissionershall not assess a greater fee for an insurance license or related service to anonresident producer based solely on the fact that the producer does not residein this State.
(i) The Commissionershall waive any license application requirements for a nonresident licenseapplicant with a valid license from the applicant's home state, except therequirements imposed by subsection (c) of this section, if the applicant's homestate awards nonresident licenses to residents of this State on the same basis.
(j) A nonresidentproducer's satisfaction of the nonresident producer's home state's continuingeducation requirements for licensed insurance producers shall constitutesatisfaction of this State's continuing education requirements if thenonresident producer's home state recognizes the satisfaction of its continuingeducation requirements imposed upon producers from this State on the samebasis.
(k) A producer shallreport to the Commissioner any administrative action taken against the producerin another state or by another governmental agency in this State within 30 daysafter the final disposition of the matter. As used in this subsection,"administrative action" includes enforcement action taken against theproducer by the FINRA. This report shall include a copy of the order or consentorder and other information or documents filed in the proceeding necessary todescribe the action.
(l) Within 30 daysafter the initial pretrial hearing date or similar proceeding, a producer shallreport to the Commissioner any criminal prosecution of the producer. The reportshall include a copy of the initial complaint filed, the order resulting fromthe hearing or similar proceeding, and any other information or documents filedin the proceeding necessary to describe the prosecution. (2000‑122, s. 2; 2001‑203,s. 13; 2001‑436, s. 4; 2007‑507, s. 4; 2009‑566, s. 5.)
§ 58‑33‑32. Interstate reciprocity in producer licensing.
(a) The purpose of thissection is to make North Carolina insurance producer licensing comply with thereciprocity requirements in the federal Gramm‑Leach‑Bliley Act,Public Law 106‑102. This section does not apply to surplus lineslicensees in Article 21 of this Chapter, except as provided in subsections (c)and (d) of this section.
(b) Repealed by SessionLaws 2001‑203, s. 13, effective July 1, 2002.
(c) Unless deniedlicensure under G.S. 58‑33‑30 or G.S. 58‑33‑50, anonresident person shall receive a nonresident producer license if:
(1) The person iscurrently licensed as a resident and in good standing in that person's homestate;
(2) The person hassubmitted the request for licensure in the form prescribed by the Commissionerand has paid the applicable fees required by G.S. 58‑33‑125;
(3) The person hassubmitted or transmitted to the Commissioner a copy of the application forlicensure that the person submitted to that person's home state, or in lieu ofthe same, a completed Uniform Application or Uniform Business EntityApplication; and
(4) The person's homestate awards nonresident producer licenses to residents of this State on areciprocal basis.
The Commissioner may verifythe producer's licensing status through the producer database maintained by theNAIC or affiliates or subsidiaries of the NAIC.
(d) A person licensedas a surplus lines producer in that person's home state shall receive anonresident surplus lines license under subsection (c) of this section. Exceptfor the licensure provisions of this section, nothing in this section otherwiseamends or supersedes any provision of Article 21 of this Chapter.
(e) A person licensedor registered as a viatical settlement broker or provider, as defined in G.S.58‑58‑205, in that person's home state shall receive a nonresidentviatical settlement broker or provider license under subsection (c) of thissection. Except for the licensure provisions of this section, nothing in thissection otherwise amends or supersedes any provision of Part 5 of Article 58 ofthis Chapter.
(f) A person licensedas a limited line credit insurance producer or other type of limited linesproducer in that person's home state may, under subsection (c) of this section,receive a nonresident limited lines producer license granting the same scope ofauthority as granted under the license issued by the producer's home state. Forthe purposes of this subsection, limited lines insurance is any authoritygranted by the home state that restricts the authority of the license to lessthan the total authority prescribed in the associated major lines under G.S. 58‑33‑26(c)(1),58‑33‑26(c)(2), 58‑33‑26(c)(3), and 58‑33‑26(c)(4).
(g) An individual whoapplies for an insurance producer license in this State who was previouslylicensed for the same kinds of insurance in that individual's home state shallnot be required to complete any prelicensing education or examination. Thisexemption is available only if:
(1) The applicant iscurrently licensed in the applicant's home state; or
(2) The application isreceived within 90 days after the cancellation of the applicant's previouslicense and the applicant's home state issues a certification that, at the timeof cancellation, the applicant was in good standing in that state; or
(3) The home state'sproducer database records, maintained by the NAIC or affiliates or subsidiariesof the NAIC, indicate that the producer is or was licensed in good standing forthe kind of insurance requested.
A person licensed as an insuranceproducer in another state who moves to this State and who wants to be licensedas a resident under G.S. 58‑33‑31 shall apply within 90 days afterestablishing legal residence.
(h) The Commissionershall not assess a greater fee for an insurance license or related service to anonresident producer based solely on the fact that the producer does not residein this State.
(i) The Commissionershall waive any license application requirements for a nonresident licenseapplicant with a valid license from the applicant's home state, except therequirements imposed by subsection (c) of this section, if the applicant's homestate awards nonresident licenses to residents of this State on the same basis.
(j) A nonresidentproducer's satisfaction of the nonresident producer's home state's continuingeducation requirements for licensed insurance producers shall constitutesatisfaction of this State's continuing education requirements if thenonresident producer's home state recognizes the satisfaction of its continuingeducation requirements imposed upon producers from this State on the samebasis.
(k) A producer shallreport to the Commissioner any administrative action taken against the producerin another state or by another governmental agency in this State within 30 daysafter the final disposition of the matter. As used in this subsection,"administrative action" includes enforcement action taken against theproducer by the FINRA. This report shall include a copy of the order or consentorder and other information or documents filed in the proceeding necessary todescribe the action.
(l) Within 30 daysafter the initial pretrial hearing date or similar proceeding, a producer shallreport to the Commissioner any criminal prosecution of the producer. The reportshall include a copy of the initial complaint filed, the order resulting fromthe hearing or similar proceeding, and any other information or documents filedin the proceeding necessary to describe the prosecution. (2000‑122, s. 2; 2001‑203,s. 13; 2001‑436, s. 4; 2007‑507, s. 4; 2009‑566, s. 5.)
