The director may reject any application or suspend, revoke, or refuse to renew any variable contract agent's license upon any ground that would bar the applicant or the agent from being licensed to sell life insurance contracts in this state. The rules governing any proceeding relating to the suspension or revocation of a life insurance agent's license shall also govern any proceeding for suspension or revocation of a variable contract agent's license.

Renewal of a variable contract agent's license shall follow the same procedure established for renewal of an agent's license to sell life insurance contracts in this state.

Cross-References: Suspension, revocation, or refusal of license -- Notice and hearing -- Grounds, SDCL 58-30-106; Renewal of license -- Fee -- Form of request, SDCL 58-30-74.

Source: 4 SDR 6, effective August 9, 1977; 12 SDR 117, effective January 19, 1986; 12 SDR 151, 12 SDR 155, effective July 1, 1986.

General Authority: SDCL 58-28-31.

Law Implemented: SDCL 58-28-31.