(1) An applicant for a resident insurance producer license shall make application on a form specified by the commissioner and shall declare under penalty of refusal, suspension, or revocation of the license that the statements made in the application are true, correct, and complete to the best of the individual's knowledge and belief. Before approving the application, the commissioner shall verify that: (a) The individual is at least eighteen years of age; (b) The individual has not committed any act which is a ground for denial, suspension, or revocation as set forth in section 10-2-801; (c) The individual is a resident of this state or is a resident of another state and meets the requirements of section 10-2-502; (d) If the individual applicant is a nonresident, such applicant has furnished the commissioner with a current certification of license status pursuant to section 10-2-502 (1)(e); (e) Unless exempt, the individual has satisfied minimum prelicensure education requirements pursuant to part 2 of this article; (f) The individual has paid the license fee prescribed by the commissioner in accordance with section 10-2-413; (g) The individual has successfully passed the examination or has satisfied examination qualification requirements for the line or lines of authority for which the individual has applied; and (h) The individual is competent, trustworthy, and of good moral character and good business reputation. (2) An insurance agency or business entity acting as an insurance producer shall obtain an insurance producer license. Application shall be made on a form specified by the commissioner. Before approving the application, the commissioner shall verify that: (a) The agency has disclosed to the insurance commissioner all officers, partners, and directors, whether or not they are licensed as insurance producers; (b) The agency's officers, directors, or partners are trustworthy, of good moral character, and of good business reputation; (c) The insurance agency or business entity has paid the fees prescribed by the commissioner in accordance with section 10-2-413; (d) The insurance agency or business entity has designated a licensed producer who is an officer, partner, or director responsible for the insurance agency's or business entity's compliance with the insurance laws and rules of this state; (e) The insurance agency or business entity has registered with the commissioner the name of each natural person who, as an officer, director, partner, owner, or member of the insurance agency or business entity, is acting as and is licensed as an insurance producer; (f) The insurance agency or business entity has registered with the commissioner at least one individual who holds a valid insurance producer license for the line or lines of authority requested in the application; (g) If the insurance agency's or business entity's filing status is nonresident, the insurance agency or business entity has complied with the qualification requirements of section 10-2-502. (3) The commissioner may require the filing of any documents reasonably necessary to verify the information contained or required in the application. (4) Each insurer that sells, solicits, or negotiates any form of limited line credit insurance shall provide to each individual whose duties will include selling, soliciting, or negotiating limited lines credit insurance, a program of instruction that may be approved by the insurance commissioner.
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