Ga. Comp. R. & Regs. R. 120-2-3-.23 - Resident Variable Products
(1) In order for resident applicants to be
eligible for the Variable Products Line of Authority in accordance with Chapter
23 of Title 33 of the Official Code of Georgia Annotated and this Regulation,
the applicant must make proper application to the Commissioner and pay all
required fees.
(2) New applicants,
excluding active licensees and individuals that apply for reinstatement within
6 months of expiration date, shall be required to submit electronic
fingerprints through a vendor selected by the Department for a criminal
background check. The applicant shall bear the cost for electronic
fingerprinting.
(3) Resident
applicants and licensees must hold a valid resident agent license for life
insurance. Failure to maintain a current agent's license for life insurance
will result in the cancellation of the variable products license.
(4) Resident applicants and licensees must
maintain an active registration with the Financial Industry Regulatory
Authority (FINRA). Applicant must have successfully completed the Securities
Industry Essentials (SIE) exam; and either the FINRA Series 6 or 7
examinations. Failure to maintain an active FINRA registration a current
agent's license for life insurance will result in the cancellation of the
variable products license.
(5) All
resident applicants must complete an approved 8 hour prelicensing course in
variable products and provide proof of completion in conjunction with the
required application. The applicant must pass the required examination for
licensure within 12 months of the completion of the prelicensing course. All
applicants must pass the required variable products examination and apply for
licensure within 12 months from receiving a passing grade on the examination.
The only applicants exempt from the prelicensing and examination requirements
are those who qualify for exemption under O.C.G.A. §§
33-23-5(a)(5)(A)
and 33-23-5(a)(5)(B).
(6) All continuing education requirements as
outlined in Rule
120-2-3-.15 and all renewal
requirements as outlined in Rule
120-2-3-.16 apply to the Variable
Products Line of Authority.
(7)
Upon issuance of the agent license, the licensee must obtain a certificate of
authority from each insurer that they will represent.
Notes
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