Chapter 60K — Purpose and Scope

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Surplus lines agents have … 60K.31 Definitions This section defines key terms used in the insurance producer licensing laws, such as insurance producer and line of … 60K.32 License Required You cannot sell, solicit, or negotiate insurance in Minnesota without a license. Having a license alone does not give … 60K.33 Criminal Penalty Acting as an insurance producer without a license is a gross misdemeanor in Minnesota. 60K.34 Exceptions to Licensing Certain people do not need an insurance producer license, such as some employees who handle claims or perform clerical … 60K.35 Fraternal Benefit Society Representatives Fraternal benefit society representatives who sell insurance must be licensed, but officers who mainly do other work and … 60K.36 Examinations Insurance producer license applicants must pass a written examination for each line of authority they seek. 60K.361 Insurance Education Insurance producers must complete 20 hours of prelicense education per line of authority before taking the licensing … 60K.365 Producer Training Requirements for Long-term Care Insurance Products To sell long-term care insurance, you must complete an initial 8-hour training course and 4 hours of ongoing training … 60K.366 Producer Training Requirements for Flood Insurance Products To sell flood insurance through the National Flood Insurance Program, you need a producer license and must meet federal … 60K.37 Application for License To get an insurance producer license, you must submit an application to the commissioner with required information and … 60K.38 License The commissioner issues insurance producer licenses for specific lines of authority such as life, health, property, and … 60K.381 Sale of Portable Electronics Insurance Stores that sell portable electronics insurance must register with the commissioner and follow specific rules for … 60K.383 Travel Insurance Travel insurance can be sold by licensed producers or registered travel retailers. Specific rules cover how travel … 60K.39 Nonresident Licensing Out-of-state insurance producers can get a Minnesota nonresident license if they hold a valid license in their home … 60K.40 Individuals Licensed in Another State; Exemption From Examination If you already hold an insurance license in another state, you may be exempt from taking the Minnesota licensing exam. 60K.41 Assumed Names Insurance producers who do business under a name other than their legal name must register that assumed name with the … 60K.42 Temporary Licensing The commissioner may issue a temporary insurance license for up to 180 days in special cases, such as after the death of … 60K.43 License Denial, Nonrenewal, or Revocation The commissioner can deny, revoke, or refuse to renew an insurance producer license for reasons like fraud, felony … 60K.44 Tax Clearance Certificate Insurance producers must obtain a tax clearance certificate from the revenue department before a license can be issued … 60K.45 Surrender of License When a license is suspended or revoked, the commissioner notifies the producer and all appointing insurers. The producer … 60K.46 Required and Prohibited Acts Insurance producers must follow rules about how they solicit business, including identifying themselves and providing … 60K.47 Liability for Placing Insurance in Unauthorized Company Anyone who sells insurance for a company not authorized to do business in Minnesota is personally liable for premiums … 60K.48 Commissions Insurance companies can only pay commissions to licensed insurance producers. Sharing commissions with unlicensed people … 60K.49 Appointments Insurance companies must formally appoint producers who will act as their agents and notify the commissioner of each … 60K.50 Limitation on Appointments Insurance companies must not appoint producers they know have committed violations. They must terminate and report unfit … 60K.51 Notification to Commissioner of Termination When an insurer terminates a producer for cause, such as a violation of insurance law, the insurer must notify the … 60K.52 Use and Sharing of Licensing and Investigative Data The commissioner may share licensing and investigation data with other states and the NAIC to help regulate insurance … 60K.53 Reciprocity Minnesota may waive licensing requirements for out-of-state producers if their home state offers similar treatment to … 60K.54 Reporting of Actions Insurance producers must report to the commissioner any criminal charges, convictions, or administrative actions taken … 60K.55 Fees Insurance producer license renewal fees and other licensing fees are set by this section. Fees vary by license type. 60K.56 Continuing Insurance Education Licensed insurance producers must complete 24 hours of continuing education every two years to keep their license … 60K.60 Sale of Self-storage Insurance Self-storage facilities may sell limited insurance covering stored property if they follow specific registration and …