- The automatic conversion of licenses and appointments will take place at 12:01 AM on 07/01/2009. New licenses will not be mailed but are available online to print.
- A new business entity will need to identify a designated licensed responsible person (DLRP). Existing business entity licensees will need to identify a DLRP upon renewal.
- A new resident applicant for a Variable life/annuity license will be required to have an underlying life license and a WA securities license. Existing residents already selling Variable will need to submit written request to add this line to their license and provide their CRD number.
- Non-resident applicants for Variable life/annuity license will not be required to have an underlying Life license but will need to have Variable authority on their resident license. The applicant will also need a WA securities license.
- A producer will need to declare if they will be acting as an agent or broker when transacting business. If acting as a broker (where fees will be charged to the policy holder or business placed directly or indirectly with an insurer with which the producer is not appointed), bonds and disclosure statements will be required.
- Bonds for those producers acting in a broker or surplus lines broker capacity will no longer be a pre-requisite for licensure or need to be filed with our office. However, bonds must be in place before writing business. The bond amounts are $2,500 or 5% of the brokered premiums for the previous calendar year, whichever is greater, not to exceed $100,000.
- Licensee must reinstate within one year of license cancellation.
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