Section 431:8-327 - Prerequisites for license renewal(a) To qualify for a license renewal, a licensee shall: (1) Preceding a license renewal, complete the required number of credit hours specified in subsection (b) in approved continuing education courses; and(2) Pay the fees as required under section 431:7-101.(b) The required number of credit hours in approved continuing education courses shall be as follows: (1) For a licensee authorized to sell surplus lines insurance but who does not hold a producer license, the requisite number of credit hours shall be twenty-four credit hours, consisting of twenty-one credit hours relating to property, marine and transportation, vehicle, general casualty, or surety insurance, and three credit hours relating to ethics training or relating to the insurance laws and rules. (2) For a licensee who also holds a producer license to sell life or accident and health or sickness lines of insurance pursuant to article 9A, the total requisite number of credit hours shall be twenty-four credit hours, consisting of: (A) Ten credit hours relating to life or accident and health or sickness insurance; (B) Eleven credit hours relating to property, marine and transportation, vehicle, general casualty, or surety insurance; and (C) Three credit hours relating to ethics training or to insurance laws and rules. For purposes of this section, ethics training shall include but not be limited to the topics of fiduciary responsibility, commingling of funds, payment and acceptance of commissions, unfair claims practices, policy replacement considerations, and conflicts of interest.
(c) Continuing education equivalents, as determined and approved by the commissioner, may include the teaching of continuing education courses and holding certain professional designations, but shall not include the use of carryover credit hours earned in excess of the required hours in any two-year renewal cycle. (d) Unless an extension of time has been granted in advance by the commissioner, a licensee's failure to satisfy all of the continuing education requirements by the renewal date shall result in that licensee's license being automatically placed on an inactive status. To reactivate a license, the licensee shall submit proof to the commissioner that the requisite number of credit hours has been completed and the licensee shall pay any required fees and penalties. (e) After a licensee completes an approved continuing education course, the approved course provider shall issue to the licensee a certificate of completion in a form approved by the commissioner that certifies that the licensee has successfully completed the course. Both the licensee and a person authorized to sign on behalf of the approved course provider shall sign the certificate of completion. The approved course provider shall electronically submit the certificate of completion to the commissioner within fifteen days of course completion. (f) This section shall not apply to a licensee granted an exemption by the commissioner from this section pursuant to section 431:8-322. (g) The commissioner may grant an extension of time to meet the requirements of this section to a licensee on extended active military duty for a period of time equal to the number of days the licensee was on active military duty, provided there are no federal laws mandating an extension of time in a specified situation. (h) A licensee need not retake the surplus lines broker license examination; provided that all renewal requirements in this section are met or reactivation occurs within twelve months of the date of inactivation.Amended by L 2021, c 111,§ 4, eff. 1/1/2022.Added by L 2012, c 66, § 1, eff. 7/1/2012.