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CLARIFICATION OF THE REQUIREMENT FOR THREE (3) HOURS OF ETHICS FOR PRODUCERS HOLDING LIFE, HEALTH, VARIABLE LIFE, AND VARIABLE ANNUITY QUALIFICATIONS
The continuing education requirement for residents who hold licenses with life, health, variable life, and variable annuity qualifications has changed. Three (3) of the twenty four (24) hours of continuing education must be related to ethical practices in the marketing and sale of life, health, or annuity insurance products.
For clarification, the legislative change in Indiana Code IC 27-1-15.7-2(a) is not intended to be imposed in the middle of a producer's renewal period and therefore producers will not be required to obtain the ethics requirement before they renew the next time. The ethics requirement applies to renewal periods that will start after July 2014. During this subsequent renewal period producers will need to complete this ethics requirement before the end of that renewal period.
We have not placed a specific completion date as Indiana producers are still transitioning to birth month renewals. Going forward the ethics requirement will be required as part of the twenty four (24) hours of continuing education every renewal period. An insurance producer with qualifications in more than one line of authority will not be required to complete more than twenty four (24) hours of credit to renew the license. IC 27-1-15.7-2(a) and (e). Producers taking three (3) hours of ethics as part of their CFP certification renewal will be compliant with this new requirement.
Continuing education providers of ethics courses should be reviewing their course content to ensure compliance with the legislative requirement. A syllabus will not be provided by the Department.
The mission of the Producer and Agency Licensing Division is to assure that producers and agencies are properly educated and licensed to sell insurance in Indiana. As part of it's mission the Division approves pre-licensing education materials and schools. This includes approving course content, texts, instructors, and program directors. The Division contracts with a test provider to develop, maintain and validate examinations. Examinations are conducted at Ivy Tech College locations throughout the state. Licenses are issued when candidates meet the requirements for licensure. Insurance licenses for Life, Health, Life & Health, Property & Casualty, Consultants, Public Adjusters, Title, Limited Lines such as Credit Life, Prearranged Funeral, and Crop are issued to residents, non-residents and business entities.
The Division regulates renewals for resident and non-resident producers and agencies. Continuing education is required for renewals of residents holding the major lines of insurance. The Division coordinates the approval of continuing education providers, course content and materials, and instructors. The Division utilizes the Insurance Producer Education and Continuing Education Advisory Council in the approval process. Producers are then monitored for compliance to the continuing education requirements. Feedback is provided through this website and also reported to the producers on their renewal invoice.
For non-resident renewals Producer and Agency Licensing will assure that those individuals and agencies have satisfied their home state's requirements before licensing through the National Producer Data Base.
The entire process is maintained in the Department's database provided by Sircon for use nationally through the National Association of Insurance Commissioners and its affiliates.
The Division also provides electronic services that will assist producers and agencies in reporting address changes, changes in designated producers or officers, clearance letters, email address changes, retirement, as well as continuing education transcripts. Assistance will also be provided meeting the reporting requirements for administrative and criminal actions. The Department uses Sircon and the NAIC Warehouse. The staff of Producer and Agency Licensing is available for questions at the following direct numbers.