Idaho Admin. Code r. 18.03.03.010 - DEFINITIONS

01. Variable Contracts. Any policy or contract that provides for insurance or annuity benefits which vary according to the investment experience of any separate account or accounts maintained by the insurer as to such policy or contract.

02. Agent. Any person, corporation, partnership, or other legal entity which under the laws of this state is licensed as a life insurance agent.

03. Variable Contract Agent. An agent who sells or offers to sell any contract on a variable basis.

04. Satisfactory Alternative Examination. Part I of the written examination includes any securities examination that is declared by the Director to be an equivalent examination. The following are satisfactory alternative examinations:

a. The Financial Industry Regulatory Authority (FINRA), Examination for Principals, or Examination for Qualification as a Registered Representative;

b. The various securities examinations needed by the New York Stock Exchange, the American Stock Exchange, or the Pacific Coast Stock Exchange;

c. The Securities and Exchange Commission test given pursuant to Section 15(b)(8) of the Securities Exchange Act of 1934, as amended;

d. The examination recommended for the testing of variable contract agents by the National Association of Insurance Commissioners, when adopted by the Insurance Department of any State or Territory of the United States and approved for use by such Department by the Securities and Exchange Commission; and

e. Any State Securities Sales Examination accepted by the Securities and Exchange Commission.

Notes

Idaho Admin. Code r. 18.03.03.010

Effective March 31, 2022