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Division of Insurance - Producer InformationTopics of Frequent InquiryAgent Recordkeeping Agent RecordkeepingSee webpage here. back to Topics list Appointments and TerminationsSee webpage here. back to Topics list Assumed Names or Trade NamesYou must report all assumed names, alias, trade names, or "doing business as" (dba) organizations to the Division of Insurance. Contact the Division of Insurance. back to Topics list Business Entities (Corporations - Partnerships - Legal Entities)Business entities need to be licensed as producers. A business entity is defined as a corporation, association, partnership, limited liability company, limited liability partnership or other legal entity. To apply for a business entity license, complete the application online through the National Association of Insurance Commissioners (NAIC) National Insurance Producer Registry (NIPR) or Sircon (Vertafore). Business entity licenses are subject to a biennial renewal requirement. Additional information on business entity license renewals is available here. A business entity must designate a licensed insurance producer responsible for the entity's compliance with the insurance laws and rules of this state. Also note, any producer representing the business entity in this state must be licensed and appointed with insurers the producer represents. The business entity license does not automatically authorize producers to sell, solicit and negotiate insurance in this state without an individual resident or non-resident producer license. back to Topics list Canceling a LicenseAny licensed producer may contact the Division of Insurance at any time to cancel his or her license. Cancellation of a license does not relieve a producer from any administrative action for violations of law that occurred while that person held a license. Any time a resident producer requests a "letter of clearance" to apply for a license in a new residence state, the current resident license is canceled. No producer may hold a resident producer license in more than one state. Contact the Division of Insurance to request cancellation of a license. back to Topics list Change of Contact InformationSouth Dakota law requires you to notify the division with any change of address or contact information online through Sircon (Vertafore). back to Topics list Commissions, Commission Sharing and RebatingSee webpage here. back to Topics list ConsultantSouth Dakota does not issue licenses to consultants; although if a person is acting in the capacity of a consultant and providing insurance advice, he or she may obtain a producer license. Whenever a person is acting as an agent or consultant for the insured, the person is not required to obtain an appointment. Please note, South Dakota law does not permit a producer to charge fees in addition to a premium. Therefore, no producer may both act as agent of the insured and charge the consumer consultant fees in addition to commissions earned on policies. back to Topics list Electronic Exams - Pearson VUEVisit Pearson VUE's webpage for information on taking the electronic producer licensing exam. back to Topics list Federal Crop InsuranceThe Livestock Revenue Coverage introduced by the Federal Crop Insurance Corporation (FCIC) is not a property form of insurance; in other words, it does not insure the livestock against any direct physical loss. This coverage provides protection for loss of revenue or the value of the livestock at the time of sale. The coverage is very similar to multi-peril crop insurance, and the "crop insurance" line of authority is sufficient for the sale of this or similar crop or livestock revenue protection products reinsured or subsidized by the FCIC. back to Topics list General AgentA general agent who receives only a commission override for business produced by persons he or she solicited as producers and has no involvement whatsoever in the sale, solicitation or negotiation of insurance does not have to obtain an appointment with that same insurer. If the general agent has direct contact with the client or receives applications or receives premiums, that general agent must obtain both a license and appointment, as he or she would, in fact, be selling, soliciting or negotiating insurance. See our Producer Applications, Forms, Reports and Related Fees webpage for information on licensing general agents. back to Topics list Insurance FraudSee webpage here. back to Topics list Insurance Producer & Business Entity ExaminationsSee webpage here. back to Topics list License Termination or LapseNo producer may transact the business of insurance in South Dakota while his or her license is in a state of lapse. Appointments with insurers will be terminated. If a resident producer loses his or her license due to a lapse or cancellation and they held a valid resident producer license for at least one (1) year before termination or lapse, the producer may re-apply for a new license and will not have to re-test if they apply within one (1) year of the date in which the licensed lapsed or canceled. If the lapse or cancellation is for "failure to renew" the producer has only one year to re-apply before re-testing is required. If a resident producer license lapses due to non-payment of fees or failing to complete continuing education requirements, that producer may complete an application and pay double the renewal fee to reinstate the license within 12 months. The producer must complete the required continuing education requirements before the license will be reinstated. Continuing Education information is available here. If a non-resident producer license lapses due to non-payment of fees, that producer may complete an application and pay double the renewal fee to reinstate the license within 12 months. back to Topics list Licensing ExemptionsSee webpage here. back to Topics list Limited Lines Credit InsuranceSee webpage here. back to Topics list South Dakota has adopted the Major Lines of Authority contained in the National Association of Insurance Commissioners (NAIC) Producer Licensing Model Act. Therefore, we have eliminated many miscellaneous lines of authority and combined them with the Major Lines of Authority. The lines applicable in South Dakota are property, casualty, life, crop, accident and health or sickness, variable, limited line insurance and personal lines. Under state licensing laws, the Director has authority to issue a line of authority to a non-resident producer that is not currently offered by our state but only if a license is required for that line of authority. For example, if you are a resident producer of Arkansas and currently hold a license to sell mobile home physical damage insurance in your home state and you apply for that same line of authority in South Dakota as a non-resident producer, we will either issue you that line of authority or simply issue you the property line of authority. back to Topics list National Association of Insurance Commissioners (NAIC) Electronic Licensing InitiativesSee webpage here. back to Topics list Pre-licensing Study MaterialsSee webpage here. back to Topics list Residency - Home StateSee webpage here. back to Topics list Temporary LicenseThe Director may issue a temporary license for a period not to exceed 180 days without requiring an examination, if it is determined that the temporary license is necessary to provide continued service to policyholders. This occurs primarily due to the death, total disability or active military service of a licensed producer. The Director may issue a temporary license to a surviving spouse, a legal representative of the producer, or an employee of the producer. To obtain a temporary license, contact the Division of Insurance back to Topics list Contact the Division of Insurance What disqualifies you from getting an insurance license in Arkansas?What disqualifies you from getting an insurance license in the State of Arkansas? The applicants who have committed a first-degree felony, a capital felony, or a felony related to money laundering or financial services can be prevented from getting the insurance license in Arkansas.
Does Arkansas require grace period?Does Arkansas have a law regarding grace periods? There is no legal requirement for grace periods.
What is a required advance notice for a hearing held by the Commissioner of insurance quizlet?The Commissioner may hold a hearing for any purpose within the scope of the Insurance Code. The Commissioner must hold a hearing within 30 days of its request and must give a notice of the date, time, and location of the hearing 10 days in advance.
Who provides professional advice insurance policies?Insurance agents and brokers are professionals who sell insurance. They may choose to specialize in a certain area, such as property and casualty insurance (P&C), which protects businesses against lawsuits and property losses.
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Which of the following conditions is NOT necessary for becoming a non-resident producer in arkansas
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