(A) A producer's license continues on a biennial basis unless revoked or suspended subject to the following requirements:
(1) an individual producer license must be renewed by the last day of the licensee's month of birth based on the producer's year of birth as provided for in regulation;
(2) an individual producer license may not be renewed unless the continuing education requirements of Section 38-43-106 are met; and
(3) an individual producer license may not be renewed unless the biennial license renewal fee is paid as provided in Section 38-43-80.
(B) A producer who allows his license to lapse for failure to comply with Section 38-43-106, within six months from the compliance deadline, may reinstate the same license if continuing education requirements have been met and a penalty fee set forth by regulation is paid.
(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 also may request a waiver of any examination requirement or any other fine or sanction imposed for failure to comply with renewal procedures.