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State Regulation of Insurance Producers
Licensing of Agents and Counselors
Terms in this set (22)
A person who sells, solicits, or negotiates insurance in Georgia must be licensed as an ___,
a business entity that sells, solicits, or negotiates insurance in Georgia must be licensed as an ___.
To receive a resident insurance agent's license, an individual must
file an application;
be at least 18 years old;
demonstrate good character;
be a resident of Georgia for at least six months every year or have a principal place of business within the
pay the required fee;
complete an approved prelicensing course of study;
submit a set of fingerprints; and
pass a written examination.
Agents, limited subagents, counselors, and adjusters must maintain a place of business in Georgia where they ___.
A licensee must notify the Commissioner within ___ days of any change in business address.
A licensee must also provide the following information to the Commissioner:
his or her residential address;
the name and address of each insurer that the licensee represents;
the name and address of each agency of which the licensee is proprietor, partner, officer, director, or
employee or which the licensee represents;
the trade name of such agency; and
the names of all partners and members of a firm or association owning or operating the agency.
Any changes must be reported to the Commissioner within 30 days.
Agents, consultants, and adjusters must keep records of all insurance transactions at their home office for at least __ years or for the term of the contract, whichever is longer. The records must show each contract issued, the names of the insured and insurer, amount of premium, subject of the insurance, and the names of other licensees from whom business was accepted and commissions paid.
The Commissioner __ waive any requirements for a nonresident license applicant with a valid license from his or her home state if the applicant's home state awards nonresident licenses to residents of Georgia on the same basis.
Agents, consultants, and adjusters must renew their licenses every __ years before the last day of their birth month.
To continue a license, a licensee must pay a renewal fee and complete the following hours of continuing
education each year:
15 hours, if licensed for less than 20 years (for a total of 30 hours before every license renewal)
10 hours, if licensed for at least 20 years (for a total of 20 hours before every license renewal)
A person who has been licensed for __ consecutive years or more and who only receives renewal or deferred commissions is not required to complete the continuing education requirements.
If an agent fails to meet the continuing education requirements for any year, the Commissioner will suspend the license for __ days.
If an agent fails to meet the continuing education requirements for any year, the Commissioner will suspend the license for 60 days. If the agent does not complete the continuing education requirements within 60 days, the Commissioner will __ the license unless the agent shows good cause for his or her noncompliance.
The Commissioner may suspend, revoke, or refuse to issue a producer's license for the following reasons:
violating the Insurance Code or any law relating to insurance in Georgia or another state, including those
of a military installation;
misrepresenting or concealing facts in a license application or other insurance form;
providing incorrect, misleading, incomplete, or materially untrue information in the license application;
misrepresenting facts or committing fraud in obtaining the license;
misappropriating, converting, or unlawfully withholding money belonging to insurers or others;
committing fraudulent or dishonest practices;
misrepresenting the terms of an insurance policy;
failing or cheating on an insurance examination;
violating a rule, regulation, subpoena, or order of the Commissioner;
obtaining a license to secure rebates or to engage in controlled business;
failing to act in good faith as a licensee;
demonstrating incompetence or untrustworthiness when transacting insurance;
writing substantial overinsurance for a property insurance risk;
failing to pay over moneys belonging to an insurer, agent, agency, beneficiary, or insured;
failing to provide records when requested by the Commissioner;
being convicted of a felony or crime involving moral turpitude;
failing to report a criminal prosecution to the Commissioner within 30 days of the date of arrest;
having a business or professional license denied, suspended, or revoked in Georgia or another state;
failing to notify the Commissioner within 60 days after being convicted of a felony or crime involving moral
failing to comply with an administrative or court order imposing a child support obligation;
being in default on a loan obligation;
having a producer license denied, revoked or suspended by a federal, state, county, military, or other
legal authority authorized to issue licenses; and
failing to notify the Commissioner within 60 days after having a producer, business, or professional license
suspended or revoked.
A person whose license is revoked or whose application is refused is ineligible to apply for another license for __ years from the date of the refusal, revocation, or final court order.
A temporary insurance producer's license is valid for up to __ months and may be renewed for additional three month periods. However, a temporary license may not be issued for more than 15 months total. No examination is required.
A temporary license can be granted to
the surviving spouse or court-appointed personal representative of a licensed producer who dies or is
mentally or physically disabled, for the purpose of selling the producer's insurance business or to allow
enough time for the producer (if merely disabled) to recover and return to the business, or to allow
enough time to train people to run the producer's business;
a member or employee of an agency that is licensed as an insurance producer;
a person designated by a licensed producer who is entering active service in the armed forces; or
any person whose licensure the Commissioner believes will best serve the public interest.
Individuals who receive a temporary license are authorized to
negotiate renewal policies;
receive and collect premiums; and
take other measures that are necessary to continue the agent's business.
temporary licensees may not sell, solicit, or negotiate new insurance contracts.
A person who is not a resident of Georgia may be licensed as an insurance producer in Georgia if
the person is a licensed producer in good standing in his or her home state;
the person applies for licensure and pays the required fees;
the person provides the Commissioner with a certified copy of the license application from his or her
home state or provides an original Uniform Application; and
the person's home state grants nonresident producer licenses to Georgia on the same basis.
To receive a counselor's license, a person must
file an application and pay the required fee;
have five years' experience as an agent, subagent, or adjuster, or have other educational qualifications or
experience approved by the Commissioner;
maintain a $5,000 bond;
pass the written examination; and
apply for licensure within 12 months after passing the exam.
A ___ advises others and gives opinions regarding the benefits, terms, advantages, or disadvantages of an insurance contract.
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