The Florida Senate

626.792  Nonresident agents.--

(1)  The department may issue a license as life agent to a person not resident of this state, upon compliance with the applicable provisions of this code, if the state or province of Canada of such person's residence will accord the same privilege to a resident of this state.

(2)  The department may enter into reciprocal agreements with the appropriate official of any other state or province of Canada waiving the written examination of any applicant resident in such other state or province if:

(a)  A written examination is required of an applicant for a life insurance agent's license in such other state or province;

(b)  The appropriate official of the other state or province certifies that the applicant holds a currently valid license as a life insurance agent in such other state or province and either passed such a written examination or was the holder of a life insurance agent's license prior to the time a written examination was required; and

(c)  In such other state or province, a resident of this state is privileged to procure a life insurance agent's license upon the foregoing conditions and without discrimination as to fees or otherwise in favor of the residents of such other state or province.

(3)  No such applicant or licensee shall have a place of business in this state, nor be an officer, director, stockholder, or partner in any corporation or partnership doing business in this state as a life insurance agency.

(4)  If the laws of another state or province of Canada require the sharing of commissions with resident agents of that state or province on applications for life insurance, or for life insurance including health insurance, written by nonresident agents, then the same provisions shall apply when resident agents of that state or province, licensed as nonresident agents of this state, write applications for insurance on residents of this state.

(5)  The department shall not issue a nonresident life insurance agent's license to any nonresident who at the time of issuance and throughout the existence of the Florida license does not hold a resident license as life agent issued by the nonresident's state or province of Canada.

(6)  The licensee shall, throughout the existence of the Florida nonresident life license and appointment, hold a license as a resident life agent in his or her state of residence.

(7)  Any individual who holds a Florida nonresident agent's license, upon becoming a resident of this state may, for a period not to exceed 90 days, continue to transact insurance in this state under the nonresident license and appointment. Such individual must make application for resident licensure and must become licensed as a resident agent within 90 days after becoming a resident of this state.

(8)  Upon becoming a resident of this state, an individual who holds a Florida nonresident agent's license is no longer eligible for licensure as a nonresident agent if such individual fails to make application for a resident license and become licensed as a resident agent within 90 days. His or her license and any appointments shall be canceled immediately. He or she may apply for a resident license pursuant to s. 626.785.

History.--s. 296, ch. 59-205; s. 3, ch. 63-20; s. 2, ch. 67-91; ss. 13, 35, ch. 69-106; s. 3, ch. 76-168; s. 1, ch. 77-457; s. 3, ch. 81-282; ss. 2, 3, ch. 81-318; ss. 252, 257, 807, 810, ch. 82-243; s. 22, ch. 88-166; ss. 100, 206, 207, ch. 90-363; s. 4, ch. 91-429; s. 265, ch. 97-102; s. 42, ch. 98-199; s. 41, ch. 99-7.