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Current through October 23, 2012
(a) The Commissioner may issue a temporary insurance producer license for a period not to exceed 180 days without requiring an examination if the Commissioner determines that the temporary license shall be necessary for the servicing of an insurance business for:
(1) The surviving spouse or court-appointed personal representative of a licensed insurance producer who dies or acquires a mental or physical disability to allow adequate time for the sale of the insurance business owned by the producer or for the recovery or return of the producer to the business or to provide for the training and licensing of new personnel to operate the producer's business;
(2) A member or employee of a business entity licensed as an insurance producer upon the death or disability of an individual designated in the business entity application or the license;
(3) The designee of a licensed insurance producer entering active service in the armed forces of the United States of America; or
(4) Any other circumstance that the Commissioner determines that the public interest will best be served by the issuance of the license.
(b) The Commissioner may, by order, limit the authority of a temporary licensee in any way which the Commissioner considers to be necessary to protect insureds and the public. The Commissioner may require the temporary licensee to have a suitable sponsor who is a licensed insurance producer or insurer and who assumes responsibility for all acts of the temporary licensee and may impose other similar requirements designed to protect insureds and the public. The Commissioner may, by order, revoke a temporary license if the interests of the insureds or the public are endangered. A temporary license shall not continue after the owner or the personal representative disposes of the business.
(Mar. 27, 2003, D.C. Law 14-264, § 11, 50 DCR 260; Apr. 24, 2007, D.C. Law 16-305, § 40, 53 DCR 6198.)
HISTORICAL AND STATUTORY NOTES
Effect of Amendments
D.C. Law 16-305, in subsec. (a)(1), substituted "acquires a mental or physical disability" for "becomes mentally or physically disabled".
Legislative History of Laws
For Law 14-264, see notes following § 31-1131.01.
Law 16-305, the "People First Respectful Language Modernization Act of 2006", was introduced in Council and assigned Bill No. 16-664, which was referred to Committee on the Whole. The Bill was adopted on first and second readings on June 20, 2006, and July 11, 2006, respectively. Signed by the Mayor on July 17, 2006, it was assigned Act No. 16-437 and transmitted to both Houses of Congress for its review. D.C. Law 16-305 became effective on April 24, 2007.
