1. (a) An individual applying for a resident insurance producer license shall make application to the Commissioner on the Uniform Application and declare under penalty of refusal, suspension, or revocation of the license that the statements made in the application are true, correct, and complete to the best of the individual’s knowledge and belief. Before approving the application, the Commissioner shall find that the individual:

   1. (1) is at least 18 years of age;
   2. (2) has not committed any act that is a ground for denial, suspension, or revocation set forth in section 4804 of this title;
   3. (3) is competent, trustworthy, financially responsible, and of good personal and business reputation;
   4. (4) has paid the fees set forth in section 4800 of this title; and
   5. (5) has successfully passed the examinations for the lines of authority for which the person has applied.

2. (b) As soon as practicable, but no later than April 1, 2003, the Commissioner shall permit a business entity to be licensed as an insurance producer. Application shall be made using the Uniform Business Entity Application. Except as permitted by regulation, licensure of a business entity shall not relieve any natural person who sells, solicits, or negotiates insurance of the requirement to be licensed under this chapter. Before approving the application, the Commissioner shall find that:

   1. (1) The business entity has paid the fees set forth in section 4800 of this title.
   2. (2) The business entity has designated a licensed producer who is a natural person responsible for the business entity’s compliance with the insurance laws, rules, and regulations of this State.
3. (c) The Commissioner may require any documents reasonably necessary to verify the information contained in an application.

(Added 2001, No. 97 (Adj. Sess.), § 18.)