PEN INS Insurance Producer Licensing

Published on: Dec 18, 2024

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.
  • Rule Amendments
  • Deleted Penn Code PEN INS 31-C-37 and adopted, in its place, PEN INS 31-C-37a.
  • 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
Countries
United States of America
Category
State
N/A
Products
Insurance; Insurance-Casualty; Insurance-Health; Insurance-Life; Insurance-Property
Rule Type
Final
Regions
Am
Rule Date
Dec 14, 2024
Effective Date
Feb 12, 2025
Rule ID
237253
Linked to
N/A
Reg. Last Update
Dec 14, 2024
Report Section
US Insurance