Insurance Regulation: Insurance Regulation

_______________OR ______________ means the activation of an inactive license within 365 days of the inactivation date.

Reinstate or reinstatement

A licensee whose license __________ may request _____________ of the license no more than __________ after the license lapses. A licensee whose license has been inactive for more than one year is required to _______ the insurance examination.

lapses reinstatement one year retake

An insurance licensee shall report to the commissioner:(2) **The report shall be filed:(3)

*an administrative action taken against the person, including a denial of a new or renewal license application in another jurisdiction or by another regulatory agency in this state; and *a criminal prosecution taken against the person in any jurisdiction. *at the time the person files the application for an individual or agency license; *for an administrative action, within 30 days of the final disposition; or *for a criminal prosecution, within 30 days of the initial court appearance.

If a license or line of authority issued under this chapter is voluntarily surrendered, the license or lineof authority may be reinstated:

*during the license period in which the license or line of authority is voluntarily surrendered; and *no later than one year after the day on which the license or line of authority is voluntarily surrendered.

A license shall lapse (become inactive) if the licensee fails to:(4)

*complete the continuing education requirements; *submit a completed renewal application and pay the renewal fee when due; *submit additional documentation required to complete the licensing process; or *if a nonresident, maintain an active license in a licensee's home state.

A licensee whose license lapses due to military service, voluntary service, or other circumstances (such as medical disability), may request a _________ of examination requirements, reinstatement fees, or other requirements and sanctions.

waiver

A licensee shall notify the commissioner within ____ days of a change of any of the following required to be registered with the commissioner:(3)

30 *an address (business, residence, mailing) *a telephone number; or *a business email address.

___________ means the inactivation of an active license by expiration of the period for which the license was issued or by operation of law.

Lapse

An active license shall be renewed on or before the license expiration date by submitting a resident or nonresident license renewal application online via _______ OR__________.

SIRCON or NIPR.

A licensee may obtain continuing education hours at any time during the ______ yr licensing period.

two-year

The continuing education requirements for producers and consultants are:(3) ***Continuing education may be obtained through classroom attendance, home study, watching a video recording, experience credit, or another approved method.

*24 credit hours of continuing education for every two-year licensing period; *3 of the 24 credit hours must be ethics courses; and *at least half (12) of the required hours must be through classroom instruction.

The commissioner shall renew a license to a person who:

*satisfies the application and character requirements; *if required, submits to a criminal background check and will be fingerprinted; *satisfies applicable continuing education requirements; *if an applicant for a resident individual producer license, certifies that, to the extent applicable, the applicant has the required errors and omissions coverage; *has not committed an act that is grounds for denial, suspension, or revocation; and *if a nonresident, holds an active similar license in that person's home state; and pays the applicable fees.

Additional rules regarding continuing education requirements include:(6)

*to obtain continuing education credit hours, licensees must complete courses approved by the Utah Insurance Commissioner; *no continuing education credit hours in excess of the number required to renew the license may be carried over or applied to any subsequent licensing period; *a licensee may repeat a course for credit but will not be permitted to take a course for credit more than once in a license continuation period; *not more than half of the total credit hours required shall be satisfied by courses provided by one or more insurers; *a nonresident producer, consultant, or adjuster licensee who satisfies the licensee's home state's continuing education requirement is considered to have satisfied Utah's continuing education requirement; and *an approved instructor shall receive twice the number of credit hours allocated by the commissioner for the course(s) he or she teaches.

A licensee under this chapter doing business under another name than the licensee's legal name shall notify the commissioner ___________ using the assumed business name in this state.

BEFORE

A licensee is exempt from continuing education requirements if the licensee was first licensed BEFORE____________ , requests an exception, and the insurance department approves the exception.

December 31, 1982

A new individual license shall expire on the last day___________________________________________________ , unless renewed. Thereafter, a renewed individual license shall expire ________________________________________________________ , unless renewed.

of the licensee's birth month following the two-year anniversary of the license issue date on the last day of the licensee's birth month every two years