producer licenses - Requirements for approval. A. A person applying for a resident insurance producer license shall make application to the Insurance Commissioner on the Uniform Application or an application approved by the Commissioner and 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 Insurance Commissioner shall find that the individual: 1. Is at least eighteen (18) years of age; 2. Has not committed any act that is a ground for denial, suspension or revocation set forth in Section 1435.13 of this title; 3. Has paid the fees set forth in Section 1435.23 of this title; and 4. Has successfully passed the examinations for the lines of authority for which the person has applied. B. A business entity acting as an insurance producer is required to obtain an insurance producer license. Application shall be made using the Uniform Business Entity Application or an application approved by the Commissioner. Before approving the application, the Insurance Commissioner shall find that: 1. The business entity has paid the fees set forth in Section 1435.23 of this title; 2. The business entity has designated a licensed producer responsible for the business entity's compliance with the insurance laws, rules and regulations of this state; 3. A domestic business entity is organized pursuant to the provisions of the laws of this state and maintains its principal place of business in this state; and 4. No person whose license as an insurance producer has been revoked by order of the Commissioner, nor any business entity in which such person has a majority ownership interest, whether direct or indirect, owns any interest in the business entity licensed as an insurance producer. C. An applicant for any license required by the provisions of the Oklahoma Producer Licensing Act shall demonstrate to the Insurance Commissioner that the applicant is competent, trustworthy, financially responsible, and of good personal and business reputation. D. The Insurance Commissioner may require any documents reasonably necessary to verify the information contained in an application. Added by Laws 2001, c. 156, § 7, eff. Nov. 1, 2001. Amended by 2002, c. 307, § 14, eff. Nov. 1, 2002; Laws 2003, c. 150, § 3, eff. Nov. 1, 2003; Laws 2007, c. 125, § 10, eff. July 1, 2007; Laws 2007, c. 338, § 3, eff. July 1, 2007; Laws 2008, c. 184, § 10, eff. July 1, 2008; Laws 2009, c. 176, § 25, eff. Nov. 1, 2009; Laws 2011, c. 242, § 3 and Laws 2011, c. 293, § 3, eff. June 20, 2011.
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