75th OREGON LEGISLATIVE ASSEMBLY--2009 Regular Session
Enrolled
House Bill 2198
Ordered printed by the Speaker pursuant to House Rule 12.00A (5).
Presession filed (at the request of Governor Theodore R.
Kulongoski for Department of Consumer and Business Services)
CHAPTER ................
AN ACT
Relating to life insurance producer continuing education
requirements; amending ORS 744.072.
Be It Enacted by the People of the State of Oregon:
SECTION 1. ORS 744.072 is amended to read:
744.072. (1) An insurance producer license remains in effect
unless revoked or suspended as long as all applicable fees are
paid by the due date and, if the licensee is a resident
individual insurance producer, as long as the licensee has met
applicable continuing education requirements for resident
individual insurance producers under subsection (4) of this
section by the due date. The renewal fee is due on the last day
of the month in which the second anniversary of the initial
issuance date of the license occurs and on the second anniversary
following each renewal. The Director of the Department of
Consumer and Business Services may establish another renewal
period for the purpose of coordination with any national
registration or licensing system.
(2) As a condition for or in connection with the renewal of an
insurance producer license the director may require the insurance
producer to file information with the director regarding use made
of the license during the previous year or two years, and
especially showing whether the license has been used principally
for the writing of personal or controlled insurance, as defined
in ORS 746.065.
(3) The director may require an insurance producer, as a
condition for renewal of the insurance producer license, to
fulfill any or all of the requirements then applicable to the
original issuance of the license.
(4) The director by rule may establish requirements for
continuing education that each resident individual insurance
producer must satisfy as a condition for renewing the resident
insurance producer license. The hours of education so required
shall not exceed 45 hours annually during the first five years an
individual is licensed, 24 hours annually during the next five
years an individual is licensed, and 12 hours annually for
individuals licensed for more than 10 years or for individuals
who have received the designation C.P.C.U., C.L.U. or comparable
designation recognized by the director. Continuing education
shall not be required for:
Enrolled House Bill 2198 (HB 2198-INTRO) Page 1
(a) Any person to whom a license is issued without examination
pursuant to ORS 744.067 (5);
{ - (b) Any retired person who is authorized to transact life
insurance only, if the person is 58 years of age or more, has 10
years' experience as a licensed insurance producer, will be
servicing existing policies only and requests an exemption from
the requirement; or - }
{ + (b) Any person who before the effective date of this 2009
Act:
(A) Requests an exemption from the requirement;
(B) Is authorized to transact only life insurance;
(C) Is 58 years of age or older;
(D) Has 10 or more years of experience as a licensed insurance
producer; and
(E) Is servicing only existing policies; or + }
(c) Any person whose license is indorsed to authorize the
person to act as a reinsurance intermediary broker or reinsurance
intermediary manager, or both, as described in ORS 744.800, but
the exemption applies solely for the purpose of maintaining the
indorsement and does not affect any continuing education
requirement that otherwise applies.
(5) In connection with establishing continuing education
requirements under subsection (4) of this section, the director
may make arrangements, including contracting with a private
service, for establishing and operating a program and standards
for approving and registering continuing education programs and
their providers.
(6) An individual insurance producer who allows the insurance
producer license to lapse may apply to the director to reinstate
the same license within 12 months from the due date for renewal
without having to take and pass a written examination, but the
insurance producer must pay an amount for the reinstatement that
is equal to double the unpaid renewal fee for any renewal fee
paid after the due date and must complete any continuing
education requirements not satisfied to date, including the
period for which the license was lapsed. A license reinstated
under this subsection is effective upon the date that the
director grants the reinstatement.
(7) An individual insurance producer who is unable to comply
with license renewal procedures due to military service or
another extenuating circumstance such as a long term medical
disability may request a waiver from compliance with those
procedures. The insurance producer may also request a waiver of
any examination requirement or any penalty imposed for failure to
comply with renewal procedures.
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Enrolled House Bill 2198 (HB 2198-INTRO) Page 2
Passed by House January 29, 2009
...........................................................
Chief Clerk of House
...........................................................
Speaker of House
Passed by Senate May 7, 2009
...........................................................
President of Senate
Enrolled House Bill 2198 (HB 2198-INTRO) Page 3
Received by Governor:
......M.,............., 2009
Approved:
......M.,............., 2009
...........................................................
Governor
Filed in Office of Secretary of State:
......M.,............., 2009
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Secretary of State
Enrolled House Bill 2198 (HB 2198-INTRO) Page 4