Wisconsin Administrative Code › Office of the Commissioner of Insurance › Chapter Ins 6 - General › Section Ins 6.59 - Licensing of individuals as agents, reinsurance intermediaries, or managing general agents (s. 628.04, Stats.)

Current through June 24, 2024
(1) PURPOSE. The
			 purpose of this rule is to establish procedures for original licensure and
			 license enlargement of an individual as an insurance agent, reinsurance
			 intermediary or managing general agent.
(2) EXAMINATION. An examination is required
			 of each resident applicant for each kind of license authority listed in s.
			 Ins
			 6.50, except a reinsurance intermediary license,
			 managing general agent, variable life or variable annuity and the limited line
			 travel, crop and surety insurance licenses. Each examination will test the
			 applicant's basic knowledge of the kinds of insurance to be solicited or
			 function to be performed and the applicant's basic understanding of the
			 applicable laws and regulations.
(3) FEES. The following fee schedule is
			 established for residents and non-residents:
Application for one line of authority $75.00
Application for 2 lines of authority $150.00
Application for 3 lines of authority $225.00
Application for 4 lines of authority $300.00
Application for 5 lines of authority $375.00
Application for a Surplus Lines license
				$100.00
(4) PROCEDURE.
(a)
Application for resident
			 intermediary agents.
Application for a permanent resident agent
			 license or an enlargement of authority requiring an examination shall be made
			 in a manner prescribed by the commissioner following successful completion of
			 any required prelicensing education and the examination. A completed
			 application shall include: the NAIC Uniform Application; fingerprints provided
			 in a format specified by the commissioner in order to complete an electronic
			 confirmation of criminal history from the Wisconsin department of justice, the
			 crime information bureau, and the federal bureau of investigation completed not
			 more than 180 days prior to the test date; payment of the fees to the testing
			 vendor and an electronic photograph of the applicant taken by the test service
			 at the time of testing; a certified certificate of prelicensing from the
			 prelicensing school that was presented to the exam proctor prior to sitting for
			 the exam; confirmation of previous license in another state, if applicable; and
			 any documentation required in answer to questions on the application.
(am)
Application for
			 nonresident intermediary agents.
Application for a permanent
			 nonresident agent license or an enlargement of authority shall be filed in a
			 manner prescribed by the commissioner using the NAIC Uniform Application for
			 Individual Nonresident License form. A completed application shall include: the
			 NAIC Uniform Application; payment of the fees; and any documentation required
			 in answer to questions on the application. If confirmation of license status is
			 not attainable from the National Insurance Producer Registry, evidence of
			 licensing from the home state, as defined by s.
			 Ins
			 28.03(3m), is required.
(an)
Application for variable life
			 and variable annuity products.
Application for a permanent resident
			 agent variable life and variable annuity products license or an enlargement of
			 authority to include variable life and variable annuity products license shall
			 be filed in a manner prescribed by the commissioner using the NAIC Uniform
			 Application. A completed application shall include: the NAIC Uniform
			 Application; payment of the fees; any documentation required in answer to
			 questions on the application; and verification of required registration by the
			 Financial Industry Regulatory Authority (FINRA) registered for Series 6 or
			 Series 7.
(ap)
Application
			 for limited travel, crop, legal expense or surety agent license.
Application for a permanent resident agent travel, crop, legal expense or
			 surety agent limited license or an enlargement of authority to include travel,
			 crop, legal expense or surety limited license shall be filed in a manner
			 prescribed by the commissioner using the NAIC Uniform Application. A completed
			 application shall include: the NAIC Uniform Application; payment of the fees;
			 and any documentation required in answer to questions on the
			 application.
(as)
Application for reinsurance intermediary-broker, reinsurance
			 intermediary-manager or managing general agent.
Application for a
			 reinsurance intermediary broker or reinsurance intermediary manager or managing
			 general agent license shall be filed in a manner prescribed by the commissioner
			 using the NAIC Uniform Application. A completed application shall include: the
			 NAIC Uniform Application; payment of the fees; and any documentation required
			 in answer to questions on the application.
(av)
Application for a title
			 insurance limited license by Wisconsin licensed attorneys.
Application
			 for a permanent resident agent title insurance limited license or an
			 enlargement of authority to include title insurance limited license shall be
			 filed in a manner prescribed by the commissioner using the NAIC Uniform
			 Application. A completed application shall include: the NAIC Uniform
			 Application; an original certificate signed by the provider showing completion
			 of at least 6 hours of continuing legal education approved by the Wisconsin
			 Board of Bar Examiners dealing solely with title insurance and completed within
			 1 year of the application date; a copy of the applicant's current State Bar of
			 Wisconsin membership card if membership cannot be verified by the commissioner;
			 payment of the fees; and any documentation required in answer to questions on
			 the application.
(ax)
Application for surplus lines agent license
. Application for
			 a surplus lines insurance license shall be filed in a manner prescribed by the
			 commissioner using the NAIC Uniform Application. A completed application shall
			 include: the NAIC Uniform Application; payment of the fees; and any
			 documentation required in answer to questions on the application.
(c)
Issuance of license.
An
			 applicant for an original license or an enlargement of authority who passes the
			 examination, if required, satisfies the requirements in par. (a), (am) or (as)
			 and meets the standards of competence and trustworthiness as described in sub.
			 (5) shall be issued a license for those kinds of authority for which the
			 applicant is qualified. Examination scores are valid for 180 days. Failure to
			 apply for a license within 180 days will require candidate to re-take the
			 examination. Determination of the acceptance or rejection of a completed
			 application shall be made within 90 days of receipt by the office of the
			 commissioner of insurance of the completed application including any
			 documentation required.