Goes to surviving spouse or legal representative. Valid for 180 days
Expiration of License
Expire every 2 years on the last day of the Licensee’s birth month
A producer may reinstate a license within 12 months of its expiration date without taking an exam by paying twice the unpaid renewal fee and satisfying any continuing education requirements.
Required. Must complete 24 hours of coursework including 3 credit hours in OR and 3 credit hours in professional ethics for producers.
Any consideration received from or for an insured to obtain insurance.
Takes care of money or other assets for another person.
Deposits and Payments
Required deposits within 7 days after funds are received.
Pay any premiums funds owed to an insured within 30 days.
cancellation of the relationship between an insurance producer.
Pay claims within 30 days after receipt.
Respond to director within 21 days
The minimum combined paid-up capital and surplus required of a stock insurer or the minimum surplus required of an insurer without capital stock
Most insurer’s need capital and/or surplus of at least $2,500,000, WC needs $5,000,000. To apply for an original certificate of authority, a domestic insurer will need an additional $500,000.
The size and risk an insurer may keep on any one subject of interest which is limited generally to 10% of the insurer’s surplus to policy holders.