What Are The General Requirements For Licensure In The State Of Idaho?
- Agent, Broker and Consultant licenses will be converted to a single Producer license. The law defines all individuals who sell, solicit or negotiate insurance or annuity products as "producers."
- The law states that if an individual or firm is a licensed producer appointed by an insurer, that individual is acting as an agent for the insurer. If the licensed producer is not appointed, he or she would be acting as a broker on behalf of a client.
- There will no longer be a requirement to have an appointment prior to initial licensing. In addition, appointing companies are not required to do a background check under Idaho law.
- There is no requirement for a Producer to carry a bond under the new law.
- When acting as a Producer, the new law does not allow for the charging of any fees in addition to, and outside of, the premium, as stated in the contract of insurance.
- Effective July 1, 2001, the fee for a new producer's license and for the biennial renewal of the license will be a flat fee of $80.00.
- Fees for letters of certification or clearance will no longer be charged. However, if a Producer applies for a license in a state that has passed the Producer Licensing Model Law, the state will use the NAIC Producer Data Base to verify licensing status and paper certification will not be required.
- If a Producer is acting as an agent for an insurer, the Producer must be appointed within 15 days of date of the contract or the writing of the initial insurance application. The requirements of the Idaho Code regarding surplus lines brokers remain unchanged.
Speak to an Experienced Insurance Attorney Today
This article is intended to be helpful and informative. But even common legal matters can become complex and stressful. A qualified insurance lawyer can address your particular legal needs, explain the law, and represent you in court. Take the first step now and contact a local insurance attorney to discuss your specific legal situation.
Additional Insurance Articles
- Where Can I Obtain Insurance Licensing Information?
- How Can I Obtain The Required Forms For Insurance Licensing?
- What Are The Licensing Fees?
- Are There Any Pre-Licensing Examinations That I Must First Take?
- How Do I Know How Many Continuing Education Hours I Will Need To Renew My License?
- What Do I Need To Do If I Have An Address Or Name Change Or If I Change Agencies?
- I Am Moving To Another State. What Do I Need Form The Idaho Department Of Insurance?
- How Do I Renew My License?