XCEL LIFE INSURANCE

An Applicant for Resident Producer License in CT MUST

Be at least 18 y/o Be a resident of CT Must be deemed competent, honest, and trustworthy, and not have committed any act that is ground for license denial, suspension or revocation Have passed the state exam for lines of authority in which licensure is sought Submit application with fees

Temporary Licenses

A temporary license may be issued in cases where a producer becomes disabled or dies, requiring a replacement to service the producers business. People eligible for a temporary license include: Surviving spouse court appointed representative or the business owner, partner, or employee A TEMPORARY LICENSE IS VALID FOR A MAXIMUM OF 180 DAYS

Producer

An individual appointed by an insurance company that represents the company and presents policies on its behalf is called a producer. A life insurance producer is authorized to solicit, receive, and forward applications to the insurer.

Continuing Education

Producers must complete continuing education courses to renew their licenses EVERY 2 YEARS ON THE BASIS OF THE PRODUCERS BIRTHDAY 24 HOURS OF CONTINUING EDUCATION COURSES ARE REQUIRED PRIOR TO THEIR LICENSE EXPIRATION DATE 3/TOTAL HOURS MUST be in LAWS/REGULATIONS and ETHICS 6/TOTAL HOURS MUST pertain directly to the line OF AUTHORITY in ct the continuing education courses must be approved by the commissioner

Reporting of Actions

Producers must report any bankruptcy, felony conviction, or any other administrative action that occurs in CT or another jurisdiction to the insurance department within 30 days

Commissioner's General Duties and Powers

THE COMMISSIONER OVERSEES ALL GENERAL ACTIVITIES IN CT and has the power to make all reasonable rules and regulations necessary to enforce CT laws. The commissioner may: issue insurance related licenses for produces or a certificate of authority to insurers adopt, amend, and rescind insurance rules examine books and records of insurers regulate insurance advertising determine, set, or compute the reserves of life insurers make final judgements in a legal proceeding issue a cease and desist order or put on probation any person or entity found to have committed an unfair, deceptive, or illegal act; proceed with a hearing; and issue a final order administer oaths subpoena the attendance of a witness to testify monitor insurer solvency monitor insurer premium rates

Certified Insurance Consultants

A licensed insurance consultant is a person who is qualified to give advice , counsel, or recommendations, in regards to insurance, annuities, or endowments for a fee. Licensed insurance consultants derive their income from CLIENTS

Reinstatement and Renewal

A producer who allows his or her license to lapse, may, WITHIN 12 MONTHS, FROM THE RENEWAL DATE, reinstate the license without taking the exam. However, a penalty of double the unpaid renewal fee will be required. Exceptions are made for producers who are active in the military service or other extenuating circumstances by requesting a waiver.

Non Resident Producers

A producer who holds a resident license in a different state may apply for a nonresident license in CT, as long as both states have a RECIPROCAL AGREEMENT. To apply non residents must: submit an application form proof of license in good standing and fees Non resident producer applicants do not have to take the CT licensing exam, but must not have committed any act, for which the license could be, denied, suspended, or revoked.

Assumed Names

An insurance producer doing business under any name other than the producer's legal name is required to notify the commissioner of insurance prior to using that assumed name

Address Change

producers must report a change in address to the insurance department within 30 days of the address change