GENERAL INS REGULATIONS-PRODUCER'S LICENSE MAINTENANCE
PRODUCER'S MAINTENANCE & DURATION-CHANGE OF ADDRESS
Licensees must inform the commissioner of a change of "business" or "residential" address within *30 days of the change*, its important for producers to *update this info* in order to receive license *renewal forms* in the mail & to keep their license current. *Failure* to report a change of address within *30 days* will result in a *penalty* of *$100*. If an Indiana *resident* producer moves from *Indiana to another state*, they may change their license *status* from *resident to non-resident* (to do this) a producer *must file* the change of address with the IN dept of ins, & provide certification from the *new resident state* within *30 days* NO license application or fees would be *REQUIRED*
PRODUCER'S MAINTENANCE & DURATION-OBTAINING A LICENSE
Meeting the requirements: 1.)Education & examination 2.)Age & residency 3.)Good character 4.)Application & fees
MAINTAINING A LICENSE
after obtaining a license then in order to maintain your license: 1.)C.E *every 2 years* 2.)Renewal fees: $40 for resident & non-resident $90 3.)Current name & address 4.)Reinstatement within *12 months*
PRODUCER'S MAINTENANCE & DURATION-SIRCON LICENSE-CE TRACKING SYSTEM
*Sircon Corporation* serves companies & individual in the *insurance industry* to provide *automated & efficient way* to manage, process & *track critical info* on insurance companies, agencies & individual producers. *Sircon's C.E module* allows regulators to *track & maintain info* on *education providers & courses* they offer. Also allows producers to *check their status* with a state, *request letter of certification* & notified when their C.E review *period is ending*. *Paper license renewal* *notices* are *NO longer mailed*, producers are *required to provide* the *Department of Insurance* a *current email address* & keep it *updated to receive renewal* *notices electronically* it's the *producer's responsibility* to *renew their license* by the *due date* whether or *not the producer* *receives the renewal notice*.
PRODUCER'S MAINTENANCE & DURATION-RENEWAL PROCESS
An insurance producer's *license remains in effect* unless it's *revoked or suspended* as long the *renewal fee is paid* & the *continuing educational requirements* are met by *due date*, license renewal fees are due *every 2 years* the license *renewal fee* for a *resident producer is $40*. Producer's license renewal dates are *based on* the producer's *birth month* & the renewal will *expire* on the *last day of the birth month*, if producer holds multiple licenses they'll all be *due* at the *same time*.
PRODUCER'S MAINTENANCE & DURATION-EXPIRATION
If producer has *completed* all the *required continuing education hours* & allows their *license to lapse*, which can be *reinstated within 12 months* but after that a *written exam is required*. Penalty of *3 times* the *unpaid renewal fee* is required for any renewal fee after the *expiration date* of the license. The insurance dept may *waive this penalty if renewal fee* is *received within 30 days after expiration*.
PRODUCER'S MAINTENANCE & DURATION-CONTINUING EDUCATION REQUIREMENTS
In order to renew a license, "resident" ins producer in IN must complete "24 hours" of "credit" "continuing education"(CE) courses. Note the requirement for "resident" "limited lines" producers with a "title qualification is "7 hours", An "attorney" in good standing who's "admitted/authorized" to practice law in IN & also holds an ins license can complete (CE) hours by completing an equivalent number of "hours" in continuing legal education courses related to business of ins. The following producers are "NOT" required to "complete" continuing education courses for license renewal: 1.)"Limited lines" producer who is licensed without exam. 2.)Limited lines "credit" producer. OR 3.)"Non-resident" limited lines producer with a "title qualification" whose "home state" requires (CE) for a title qualification & has met those (CE) requirements. To satisfy the (CE) requirements a licensee may use "only" those credit hours earned after effective date of licensee's last license renewal, or if licensee is renewing a license for the first time after the date the license was issued. "Carryover credits are NOT allowed." If an ins producer receives qualification for licenses in more than one line of authority, the producer will NOT be required to complete a total of more than "24 hours" of credit in continuing education courses to renew the license. Licensee may receive credit "only" for completing (CE) courses that were "approved" by the "commissioner." A licensee who teaches a course "approved" by the commissioner will receive credits for teaching. When a licensee renews license, licensee must submit a (CE) statement that: 1.)In a format "authorized" by the commissioner. 2.)Signed by the licensee under "oath." & 3.)Lists the (CE) courses "completed" by licensee. Licensees "must" keep a copy of "original" Certificate Of Completion for "each" course.
