Section 26-A102. TERM OF LICENSES; RENEWAL OF LICENSES

 

102.1The terms of licenses and renewal of licenses shall be as follows:

 

(a)An initial license issued to an individual after the effective date of the Producer Licensing Amendment Act of 2008 (and the first renewal after the effective date of the Producer Licensing Amendment Act of 2008 of an individual insurance producer license initially issued before the effective date of the Producer Licensing Amendment Act of 2008) shall expire on the calendar day which both: (i) is the last day of the birth month of the producer; and (ii) falls not less than eighteen (18) months, and not more than twenty-nine (29) months, after the effective date of the initial license;

 

(b)An initial license issued to a business entity after the effective date of the Producer Licensing Amendment Act of 2008 (and the first renewal after the effective date of the Producer Licensing Amendment Act of 2008 of a business entity insurance producer license initially issued before the effective date of the Producer Licensing Amendment Act of 2008) shall expire on the May 31 which falls not less than eighteen (18) months, and not more than twenty-nine (29) months, after the effective date of the initial license.

 

(c)A renewal of an existing license shall expire two (2) years after the expiration date of the initial license; except, the first renewal after the effective date of the Producer Licensing Amendment Act of 2008 of a license initially issued before the effective date of the Producer Licensing Amendment Act of 2008 shall be governed by paragraphs (a) and (b) of this subsection".

 

102.2An applicant for license renewal shall apply for renewal before the expiration date of the license and shall pay the required renewal fee as provided in section 105 of this chapter.

 

102.3The license holder shall notify the Commissioner in writing of any change of home or business address within thirty (30) days of the change of address.

 

102.4The failure of the license holder to receive the notice required under subsection 102.2 does not relieve the license holder of the responsibility for renewing the license.

 

102.5A producer who fails to renew a license prior to the expiration date may renew the license within thirty (30) days after expiration upon paying the required late fee. Upon renewal, the producer shall be deemed to have possessed a valid license during the period between the expiration of the license and the renewal thereof.

 

102.6If a producer fails to renew a license within thirty (30) days after expiration of the license, the license shall be considered to have lapsed on the date of expiration, and the license holder shall be required to apply for reinstatement pursuant to section 103 of this chapter.

 

source

Final Rulemaking published at 50 DCR 10371 (December 5, 2003); as amended by Final Rulemaking published at 56 DCR 61 (January 2, 2009).