1. Qualification to sell variable life insurance.

a. No person may sell or offer for sale in this state any variable life insurance policy unless such person is an agent and has filed with the commissioner, in a form satisfactory to the commissioner, evidence that such person holds any license or authorization which may be required for the solicitation or sale of variable life insurance and evidence that such person holds a license as a securities salesman under North Dakota law.

b. Any examination administered by the department for the purpose of determining the eligibility of any person for licensing as an agent shall, after June 1, 1984, include such questions concerning the history, purpose, regulation, and sale of variable life insurance as the commissioner deems appropriate.

2. Reports of disciplinary actions. Any person qualified in this state under this section to sell or offer to sell variable life insurance shall immediately report to the commissioner:

a. Any suspension or revocation of that person's agent's license in any other state or territory of the United States.

b. The imposition of any disciplinary sanction, including suspension or expulsion from membership, suspension or revocation of or denial of registration, imposed upon that person by any national securities exchange, or national securities association, or any federal, state or territorial agency with jurisdiction over securities or variable life insurance.

c. Any judgment or injunction entered against that person on the basis of conduct deemed to have involved fraud, deceit, misrepresentation, or violation of any insurance or securities law or regulation.

3. Refusal to qualify agent to sell variable life insurance. The commissioner may reject any application or suspend or revoke or refuse to renew any agent's qualification under this section to sell or offer to sell variable life insurance upon any ground that would bar such applicant or such agent from being licensed to sell other life insurance contracts in this state. The rules governing any proceeding relating to the suspension or revocation of an agent's license shall also govern any proceeding for suspension or revocation of an agent's qualification to sell or offer to sell variable life insurance.

History: Effective June 1, 1984.

General Authority: NDCC 26.1-33-17, 26.1-34-11

Law Implemented: NDCC 26.1-33, 26.1-34