HB125 Alabama 2018 Session

Under existing law, the Department of Insurance licenses insurance producers and service representatives who are required to complete 24 hours of continuing education in connection with the biennial renewal of license, but are permitted to request an extension and renew when complying with the continuing education requirements.

Existing law also authorizes a waiver of penalties for failure to renew.

Also under existing law, the only punishment authorized to be imposed by the Insurance Commissioner against an insurance producer or service representative failing to complete the continuing education requirements is the suspension of a license.

This bill would specify that insurance producers and service representatives would be required to complete any continuing education requirement in order to renew an insurance producer or service representative license and would delete the provisions for extensions to complete continuing education requirements as provided in this part of the licensure law.

This bill would also authorize the Insurance Commissioner to assess a fine in lieu of suspension of license for violating the continuing education requirements by an insurance producer or service representative.

Relating to insurance; to amend Sections 27-8A-1 and 27-8A-2 of the Code of Alabama 1975, relating to the licensing of insurance producers and service representatives by the Department of Insurance; to specify that insurance producers and service representatives are required to complete any continuing education requirements prior to renewing a license; to delete the provisions for extensions; and to authorize the Insurance Commissioner to assess a fine in lieu of suspension of a license for violation of the continuing education requirements.