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1998 SESSION

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SB 422 Insurance agents; continuing education requirements.

Introduced by: Charles J. Colgan | all patrons    ...    notes | add to my profiles

SUMMARY:

Insurance; continuing education requirements for insurance agents. Addresses insurance agent and consultant continuing education requirements. The bill requires sponsors of continuing education courses to indicate to agents enrolling in continuing education courses whether such courses are determined by the insurance continuing education board ("the Board") to be insurance company or agency-sponsored. Agents may not receive more than 75 percent of their required continuing education requirements from insurance company or agency-sponsored courses. Agents must complete all required courses by December 31 of each even-numbered year and submit proof of compliance on or before the close of the business day on February 28 of the following year. An extension, until March 31, for submitting proof of compliance is allowed if an agent pays, in addition to any other fees ordinarily imposed, a late filing fee of $250. Those agents whose licenses are terminated for failure to satisfy continuing education requirements may appeal the termination in writing within 60 days of the date of termination. The right to appeal is waived if an agent fails to appeal in writing within 60 days of the date of termination. The Board will provide status reports to agents who have not yet satisfied the continuing education requirements both at six months and 45 days prior to the end of the biennium. Additionally, the bill allows agent whose license has been terminated to make application prior to the expiration of the 90-day period, provided that the agent has fulfilled the study course and examination requirements and pays an administrative penalty of $1000. The bill's provisions are subject to an emergency clause, making them effective upon passage.


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