ARIZONA STATE
SENATE
Fifty-Fourth
Legislature, Second Regular Session
insurance
producer licensing; surrender; application
Purpose
Allows
a person to obtain an insurance producer license in the same year after
voluntarily surrendering the license if the person complies with licensing
requirements.
Background
A
person applying for a resident insurance producer license must apply to the
Director of the Department of Insurance (DOI). The applicant must provide
information concerning the applicant's identity, personal history, business
record and experience in insurance and any other pertinent fact the Director of
DOI requires (A.R.S. § 20-285). An
applicant of the insurance producer license is required to pass an examination
within a one-year period that precedes the date the Director of DOI received
the individual's license application unless the individual is exempt (A.R.S. § 20-284).
The
Director of DOI may accept the voluntary surrender of a person's authority to
transact one or more lines of insurance or of the entire license if a person
has submitted a written request. A person who surrenders an authority or
license may not reapply for at least one year (A.R.S. § 20‑289).
There
is no anticipated fiscal impact to the state General Fund associated with this
legislation.
Provisions
1.
Allows a person who voluntarily surrenders an
authority or license to transact one or more lines of insurance, to obtain the
same license or authority only if the person meets the original authority or
license requirements.
2.
Removes the one-year prohibition on a person
reapplying for an authority or license after voluntarily surrendering the
authority or license.
3.
Makes technical changes.
4.
Becomes effective on the general effective
date.
Prepared by Senate
Research
January 17, 2020
MG/AJS/gs