Prelicensing education; exemptions

Sec. 9. (a) An individual who applies for an insurance producer license in Indiana and who was previously licensed for the same lines of authority in another state is not required to complete any prelicensing education or examination. However, the exemption provided by this subsection is available only if: (1) the individual is currently licensed in the other state; or (2) the application is received within ninety (90) days after the cancellation of the applicant's previous license and: (A) the other state issues a certification that, at the time of cancellation, the applicant was in good standing in that state; or (B) the state's records contained in the centralized insurance producer license registry described in section 7 of this chapter indicate that the producer is or was licensed in good standing for the line of authority requested. (b) If a person is licensed as an insurance producer in another state and moves to Indiana, the person, to be authorized to act as an insurance producer in Indiana, must make application to become a resident licensee under section 6 of this chapter within ninety (90) days after establishing legal residence in Indiana. However, the person is not required to take prelicensing education or examination to obtain a license for any line of authority for which the person held a license in the other state unless the commissioner determines otherwise by rule. (c) An individual who: (1) has attained the designation of chartered life underwriter, certified financial planner, chartered financial consultant, or another nationally recognized designation approved by the commissioner; and (2) applies for an insurance producer license in Indiana requesting qualification under sections: (A) 7(a)(1); (B) 7(a)(2); or (C) 7(a)(5); of this chapter; is not required to complete prelicensing education and is required to take only the portion of the examination required under section 5(b) of this chapter that pertains to Indiana laws and rules. (d) An individual who: (1) has attained the designation of chartered property and casualty underwriter, certified insurance counselor, accredited advisor in insurance, or another nationally recognized designation approved by the commissioner; and (2) applies for an insurance producer license in Indiana requesting qualification under sections: (A) 7(a)(3); (B) 7(a)(4); or (C) 7(a)(6); of this chapter; is not required to complete prelicensing education and is required to take only the portion of the examination required under section 5(b) of this chapter that pertains to Indiana laws and rules. (e) An individual who: (1) has attained a bachelor's degree in insurance; and (2) applies for an insurance producer license in Indiana requesting qualification under section 7(a)(1) through 7(a)(6) of this chapter; is not required to complete prelicensing education and is required to take only the part of the examination required under section 5 of this chapter that pertains to Indiana laws and rules.