1. (1) Before applying for a variable contracts line of authority:

   1. (a) a producer shall be licensed under Section 61-1-3 as a:

      1. (i) broker-dealer; or
      2. (ii) broker-dealer agent; and

   2. (b) a consultant shall be licensed under Section 61-1-3 as an:

      1. (i) investment adviser; or
      2. (ii) investment adviser representative.
2. (2) A producer's or consultant's variable contracts line of authority is canceled on the day the producer's or consultant's securities related license under Section 61-1-3 is no longer active.

Amended by Chapter 138, 2016 General Session