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2016 SESSION
HB 393 Insurance agencies; designated licensed producers.
Introduced by: R. Lee Ware | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED:
Insurance agencies; designated licensed producers. Requires that an insurance agency's designated licensed producer responsible for the agency's compliance with insurance laws and regulations be an employee, officer, or director of the agency. With respect to a business entity applying for certain types of a limited lines license, the licensed producer designated by the vendor or lessor is not required to be an employee, officer, or director of the vendor or lessor. Business entities acting as an insurance producer are required within 30 calendar days to report (i) the removal of the designated licensed producer responsible for the business entity's compliance with insurance laws, rules, and regulations and (ii) the name of the new designated licensed producer. The State Corporation Commission is authorized to terminate an insurance agency's license for failing to maintain such a designated licensed producer. The measure makes the designated licensed producer requirements uniform among various lines of insurance.
SUMMARY AS INTRODUCED:
Insurance agencies; designated licensed producers. Requires that an insurance agency's designated licensed producer responsible for the agency's compliance with insurance laws and regulations be an employee of the agency. Business entities acting as an insurance producer are required within 30 calendar days to report (i) the removal of the designated licensed producer responsible for the business entity's compliance with insurance laws, rules, and regulations and (ii) the name of the new designated licensed producer. The State Corporation Commission is authorized to terminate an insurance agency's license for failing to maintain such a designated licensed producer. The measure makes the designated licensed producer requirements uniform among various lines of insurance.