On Dec. 14, PEN INS issued final rule on insurance producer licensing.
PEN INS issued final rule relating to insurance producer licensing requirements.
Clarified several items within the statutorily prescribed process, resulting in a modernized and streamlined experience that provides transparency and efficiency.
To formally implement PEN act of Dec. 6, 2002 (P.L. 1183 No. 147), which incorporated provisions from NAIC producer licensing model act (NAIC Model Law #218) (PLMA).
Clarified types of lines of authority which exams required, general exam content.
Provided considerations in establishing the examination fees and to clarify the requirements for which the fee shall be set in accordance with the contract.
Set forth standards over administration of examination if delegates testing to vendor.
Clarified details on submitting application, including prerequisites, results, eligibility.
Provided detail on renewal process by specifically indicating that individual insurance producer licenses renewed biennially based on last day of producer's month of birth.
Clarification on when a business entity license is required with regard to interest, voting, interest and lines of authority for owners and designated licensees.
Effectiveness
Rule effective 60 days after publication in Pennsylvania Bulletin, on Feb. 12, 2025.
Regulators
PEN INS
Entity Types
IB; Ins
Reference
PEN SR Vol. 54 No. 50 p.8072, RF, 12/14/2024; Citation: *PEN INS* 31-C-37, 31-C; P.L. 1183 No. 147; NAIC Model Law #218;
Functions
Compliance; Exams; Registration/Licensing; Reporting; Training