Variable Life & Annuity Line of Authority
Effective July 1, 2011, pursuant to Indiana Code (IC) 27-1-15.6 and IDOI Bulletin 184, an individual producer who sells, solicits or negotiates variable life and annuity products must hold a Variable Life & Annuity line of authority with the state of Indiana.
- Please note that adding a new line of authority to a license does not affect the expiration date nor renew the license.
- The producer must be Life or Life, Accident & Health licensed.
- The producer must be registered with a broker-dealer through the Financial Industry Regulatory Authority (FINRA) and hold either a Series 6 or 7 license. NOTE: a producer who becomes unregistered or unlicensed through FINRA must cancel the Variable Life & Annuity line of authority from the producer's license before renewing the license. A line of authority may be cancelled through the IDOI SERVICE REQUEST FORM.
- The producer must submit an application and fee to the department. The application may be done online through either www.nipr.com or www.sircon.com/Indiana, or through the uniform NAIC paper application (must be mailed to IDOI along with a check or money order made payable to "IDOI"). The fee is $40.00 for residents and $90.00 for non-residents, unless a non-resident retaliatory fee applies. The application process is the same for new licenses and the addition of new lines of authority.
- On the application, the producer must verify their FINRA registration with a CRD number. Individual CRD numbers may be found online at brokercheck.finra.org.
- All producers with the Variable Life & Annuity line of authority must complete a one-time 4-hour Annuity Suitability Training course. Available course offerings may be found online at www.sircon.com/Indiana by selecting "Look up education courses/credits" on the left-hand side and doing an "Approved Courses Inquiry."
- Titles of approved courses in Indiana will have key words such as NAIC Suitability, Suitability in Annuities Training, or Four-Hour Annuity Training. Before taking an annuity course without these key words, it is suggested producers confirm with the provider that their course complies with Indiana requirements.
If a Producer Becomes Unregistered with a Broker-Dealer through FINRA or No Longer Licensed with a FINRA Series 6 or 7 License:
- If a producer becomes unregistered with a broker-dealer through FINRA or no longer licensed with a FINRA Series 6 or 7 license, the producer is no longer eligible to hold the Variable Life & Annuity line of authority in Indiana and must cancel the line of authority from the producer's license before renewing the license. A line of authority may be cancelled through the IDOI SERVICE REQUEST FORM.
- A producer may verify his or her registration/licensure with FINRA at brokercheck.finra.org.
- If a producer completes continuing education and submits the producer license renewal application and fee without first cancelling the Variable Life & Annuity line of authority, the producer has no more than 30 days from the license expiration date to cancel the line of authority.
- Once the line of authority is cancelled, in order to add the line of authority back to the producer's license, each of the requirements for adding the Variable Life & Annuity line of authority must be completed again.
Indiana Department of Insurance
311 W Washington St
Indianapolis, IN 46204-2787