Insurance Regulation: Licensing
Maintenance & Duration: Surrender
A licensed agent may surrender his or her license at any time, as long as the agent is not under an investigation by the Superintendent. When an agent's license is surrendered, suspended, revoked, canceled, or inactivated, all agent's appointments are void.
Maintenance & Duration: Failure to renew
A licensee who failed to renew a license may be eligible for license reinstatement within 12 months following the renewal date. To reinstate a license, a licensee must meet the continuing education requirement, submit a renewal application, and pay all applicable fees (late renewal fees as established by the Superintendent, in addition to the required renewal fee).
Nonresident Agent: renewal
A nonresident license must be renewed biennially by the last day of the licensee's birth month; a nonresident business entity must apply for renewal biennially on a date established by the Superintendent
Qualifications for a Resident License for a Business Entity
A resident insurance agent license may be issued to a business entity if the Superintendent of Insurance finds that the applicant has meet the following requirements: *either is domiciled in Ohio or maintains its principal place of business in this state; *has designated a licensed insurance agent who will be responsible for the entity's compliance with the insurance laws of this state; and *has not committed any act that is a ground for the denial, probation, surrender, suspension, revocation or refusal to issue or renew a license
Maintenance & Duration: CE Exemptions
Agents exempt from CE requirements are agents who: *have been granted inactive status; *hold only a limited lines license; *hold only a title insurance license, provided they complete at least 12 CE credits during each renewal period; or *hold only a resident surety bail bond license, provided they complete at least 7 CE credits during each renewal period
Maintenance & Duration: License renewal & nonrenewal
Agents in this state are required to renew their licenses biennially on or before the last day of the agent's birth month. Business entities must also renew their licenses biennially before the date determined by the Superintendent. For each renewal, the licensees must do the following: *submit an approved application; *pay a renewal fee; and *complete continuing education requirements
Maintenance & Duration: Duty to Report Notice of Criminal Prosecution
Agents must provide notice of any criminal prosecution of the agent by any jurisdiction (other than misdemeanor traffic) within 30 days after the initial appearance before a judge or magistrate. The notice must include a certified copy of the charging document. W/in 30 days after the disposition of of the criminal prosecution, the agent must provide to the Superintendent a certified copy of the court's entry or order that reflects the final disposition of the prosecution, in addition to any relevant legal documents.
Nonresident Agent
An agent licensed in a state in which he or she is not a resident.
Maintenance & Duration: Duty to Report Administrative Action
An insurance agent must notify the Superintendent of any administrative action taken against the agent in another jurisdiction or by another governmental agency having professional, occupational, or financial licensing authority WITHIN 30 days after the final disposition on the matter. The notice must include a copy of the order, consent to order, or any other relevant legal documentation.
Maintenance & Duration: Assume Names
An insurance agent that intends to do business in Ohio under any name other than the agent's legal name must notify the Superintendent prior to using the assumed name. However, a license will only be issued in the legal name of the applicant. Similarly, commissions will only be paid in the legal name of the licensee.
Maintenance & Duration: Continuing Education
Continuing Education rules (CE) are established to protect the public by maintaining high standards of professional competence in the insurance industry, and to maintain and improve the insurance skills and knowledge of licensed agents.
Maintenance & Duration: CE requirements
Each person licensed as an agent is required to complete 24 hours of approved continuing education instruction, including at least 3 hours of approved ethics training every 2 years, by the last day of the agent's birth month. If an agent licensed in another state moves to Ohio and becomes a resident agent, the agent must complete Ohio's CE requirements.
Maintenance & Duration: Inactivity Due to Military Service or Extenuating Circumstances
If an agent is unable to comply with the license renewal requirement due to military service, a long-term medical disability, or another extenuating circumstance, the agent may request an extension of the renewal date. To be eligible for an extension, the agent must submit a written request with supporting documentation to the Superintendent prior to the renewal date; the Superintendent has the authority to waive the $100 renewal extension fee due to special circumstances.
Qualifications for an Individual Resident License
To qualify for an individual resident license in Ohio, an applicant must meet ALL of the following requirements: *be at least 18 years old; *complete required pre-licensing education for each line of authority applied for; *pass a licensing exam; *submit an application form; *pay any required fees; *pass a criminal records check and submit a full set of fingerprints; *be found trustworthy; *have not committed any act that is a ground for the denial, probation, surrender, suspension, revocation, or refusal to issue or renew a license
Licensing: general concept
Insurance professionals must be properly licensed for a specific line of authority in order to transact insurance. The purpose of licensing is to ensure that a producer meets educational and ethical standards required to fulfill the producer's responsibilities to the insurer and to the public. Licensing regulations set out the requirements, procedures, and fees relating to the qualification, licensure, and appointment of insurance producers.
Maintenance & Duration: Change in Address
Licensed agents in Ohio must notify the Superintendent within 30 days of any change of residential or business address, email address or phone number. If a licensed person changes the state of residence, the person also has 30 days to file a change of address with the Superintendent and provide certification from the new state of residence. If the agent complies with this requirement, the agent's license will be changed to that of a nonresident license without any fees or license applications.
Applicants for an agent license:
MUST complete 20 hours of pre-licensing education in the line of authority for which the applicant is applying. The certificate of pre-licensing course completion is valid for 180 calendar days from the completion of the course.
Temporary License
The Superintendent may issue a temporary agent license for a MAXIMUM period of 180 days, without requiring an examination, to the following individuals in special circumstances: *in case of death or disability of a licensed agent: to the surviving spouse, a court-appointed personal representative or a member of a business entity; *in case of a licensed agent's entering active US military service: to a designee; or *to any other person: when the public interest would be best served by issuing such a license
Maintenance & Duration: Superintendent's Duty in cases of Criminal/Administrative Prosecution
The Superintendent may suspend, revoke, or refuse to issue or renew a license if an agent has been convicted of or pleaded guilty to or no contest (nolo contendere) to a FELONY or MISDEMEANOR that involves misuse or theft of money or property, forgery, fraud, dishonest acts, or moral turpitude (conduct that is contrary to community standards of justice, honesty or good morals) regardless of whether a judgement of conviction has been entered by the court.
Nonresident Agent: requirements
The Superintendent will issue a nonresident agent license to an applicant if the applicant has met all of the following requirements: * is currently licensed as a resident in good standing in the applicant's home state; * is licensed in the home state for the same lines of authority as requested in the nonresident state; *has submitted the request for licensure prescribed by the Superintendent; *has not committed any act that is grounds for the denial, probation, surrender, suspension, revocation, or refusal to issue or renew a license; *is of good reputation & character, honest & trustworthy, & otherwise suitable to be licensed; *is licensed in a state that issues nonresident insurance agent licenses to residents of this state (reciprocity); *IF a business entity, has designated a resident agent to be responsible for the applicant's compliance with the state's insurance laws; and, *has submitted any other documents requested by the Superintendent
Maintenance & Duration: Failure to meet CE requirements
The Superintendent will suspend the license of any agent or solicitor who fails to meet the continuing education requirements and who has not obtained an extension of the renewal date.
Type of Licenses & Requirements: Life
coverage on human lives
Type of Licenses & Requirements: Variable Life/Variable Annuities
coverage under variable life and/or variable annuities
Nonresident Agent: Producer Database
To determine an applicant's licensure & standing status in another state, the Superintendent may utilize the producer database maintained by the NAIC, or its affiliates or subsidiaries. If the information is not available, the Superintendent may require a certification letter from the applicant's home state.
Type of Licenses & Requirements: Credit
debt insurance (limited line)
Type of Licenses & Requirements: Travel
limited line
Maintenance & Duration: CE credits carryover
a maximum of 12 credit hours, or 50% of the requirement, in excess of the required minimum may be carried over to the next biennial period.
Agent
an insurance agent is any person who, in order to sell , solicit, or negotiate insurance, is required to be licensed under the laws of this state--including limited lines agents & surplus lines brokers. NO person may sell, solicit, or negotiate insurance in this state unless the person is licensed for the line of authority in accordance with state law. NO company or association may conduct insurance business unless it is authorized to do so according to state law.
Type of Licenses & Requirements: Other
any other type of insurance as determined by the Superintendent
Type of Licenses & Requirements: Casualty
coverage against legal liability
Type of Licenses & Requirements: Title
coverage against loss or damage due to liens against, encumbrances upon, defects in, or unmarketability or real property
Type of Licenses & Requirements: Surety bond bail
coverage for a defendant bail
Type of Licenses & Requirements: Portable electronics
coverage for damage to portable electronics (limited line)
Type of Licenses & Requirements: Self-service storage
coverage for property located in a storage shed (limited line)
Type of Licenses & Requirements: Accident & Health
coverage for sickness, bodily injury or accidental death & disability income
Type of Licenses & Requirements: Property
coverage for the direct & consequential loss or damage to property of every kind
Type of Licenses & Requirements: Personal Lines
non-commerical property and/or casualty coverage
Purpose of a temporary license
to allow adequate time to sell the business, for the licensee to recover, or to provide training of new personnel to carry on the business; a temporary license cannot continue in force after the owner of the business or the owner's personal representative disposes of the business.