1. (1) A person licensed in this state as a variable contract producer shall immediately report to the commissioner:

   1. (a) any suspension or revocation of the variable contract producer's license or life insurance producer's license in any other state or territory of the United States;

   2. (b) any disciplinary sanction imposed upon the producer by any:

      1. (i) national securities exchange;
      2. (ii) national securities organization; or
      3. (iii) federal, state, or territorial agency with jurisdiction over securities or variable contracts; and

   3. (c) any judgment, conviction, or injunction entered against the producer involving:

      1. (i) fraud;
      2. (ii) deceit;
      3. (iii) misrepresentation;
      4. (iv) violating an insurance or securities law; or
      5. (v) violating an insurance or securities rule.
2. (2) The commissioner may reject an application for a variable contract producer's license upon any ground that would bar the applicant from being licensed to sell life insurance contracts in this state.
3. (3) The commissioner may suspend, revoke, or refuse to renew any variable contract producer's license upon any ground that would bar the producer from being licensed to sell a life insurance policy or an annuity contract in this state.
4. (4) A variable contract producer shall renew a license by following the same license renewal procedure for a life insurance producer.

KEY: variable insurance

Date of Last Change: May 11, 2022

Notice of Continuation: December 8, 2021

Authorizing, and Implemented or Interpreted Law: 31A-2-201; 31A-20-106