[Until January 30, 2003, this section reads as follows:]

1. (A) A producer's license is for an indefinite term unless revoked or suspended as long as the requirements of Section 38-43-106 are met. If the biennial appointment fee for a producer is not paid at the time and in the manner the department provides by regulation, the appointment must be canceled.
2. (B) A producer who allows his license to lapse for failure to comply with Section 38-43-106 may, within six months from the compliance deadline, reinstate the same license without the necessity of complying with Section 38-43-105, provided a total of thirty hours of continuing education has been completed by November first of the compliance year, and a penalty fee set forth by regulation is paid.
3. (C) A licensed insurance producer who is unable to comply with license renewal procedures due to active military service or some other extenuating circumstance (e.g., a long-term medical disability) may request a waiver of those procedures. The producer may also request a waiver of any examination requirement or any other fine or sanction imposed for failure to comply with renewal procedures.

An agent's license is for an indefinite term unless revoked, suspended, or terminated. If the biennial license fee for an agent is not paid at the time and in the manner the department provides by regulation, the license must be canceled. If the license is to be reinstated, an original application must be filed and a reinstatement fee equal to the biennial license fee unpaid must be paid in addition to the regular biennial license fee.

[From and after January 31, 2003, this section reads as follows:]