Assigned to FIN FOR COMMITTEE

 


 

 

 


ARIZONA STATE SENATE

Fifty-Fourth Legislature, Second Regular Session

 

FACT SHEET FOR S.B. 1091

 

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