Richard is a licensed property and casualty insurance producer. During his current biennial compliance period, he moves his residential and business locations to a new city. Additionally, a financial regulatory agency in another jurisdiction takes an administrative action against him. Based on standard state insurance regulations, which of the following actions MUST Richard take to properly maintain his producer license? (Select the two correct statements)
- Report the administrative action to the Commissioner within 30 days of the matter's final disposition.Answer
- Complete the state's mandatory continuing education hours, including required allocations for ethics training, prior to his renewal deadline.Answer
- CNotify the Department of Insurance of his change in residential and business addresses within a maximum of 90 days following the move.
- DRetake the state licensing examination immediately if his license lapses for more than 30 days past the renewal date.
Answer
The correct statements are that Richard must report the administrative action within 30 days of final disposition and complete all mandatory continuing education, including ethics, before his renewal deadline.
Maintaining an active producer license requires strict adherence to statutory deadlines and ongoing professional education. State insurance regulations mandate that producers report any administrative action taken against them in another jurisdiction within 30 days of the final disposition. Additionally, producers must complete their state's required continuing education hours—which always includes a specific allocation for ethics—prior to their biennial license renewal date to keep the license active.
Step-by-Step Solution
Key Concept
License Maintenance Deadlines and Continuing Education Requirements