The department may waive any license requirement for an applicant who holds a valid license from another state or jurisdiction if:

1. (1) that state or jurisdiction has license requirements substantially equivalent to those of this state; or
2. (2) the waiver is necessary to promote reciprocal licensing of nonresident agents among a majority of the states.

Added by Acts 2003, 78th Leg., ch. 1274, Sec. 7, eff. April 1, 2005.