SOURCE: Page 7, line 12; (07)MO157003.7. -->
Page 7, between lines 12 and 13, begin a new paragraph and insert:
SOURCE: IC 27-1-15.7-2; (07)MO157003.7. -->
"SECTION 7. IC 27-1-15.7-2, AS AMENDED BY P.L.73-2006,
SECTION 1, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
JULY 1, 2007]: Sec. 2. (a) Except as provided in subsection (b), to
renew a license issued under IC 27-1-15.6:
(1) a resident insurance producer must complete at least
forty (40)
twenty (20) hours of credit in continuing education courses; and
(2) a resident limited lines producer must complete at least
ten
(10) five (5) hours of credit in continuing education courses.
An attorney in good standing who is admitted to the practice of law in
Indiana and holds a license issued under IC 27-1-15.6 may complete all
or any number of hours of continuing education required by this
subsection by completing an equivalent number of hours in continuing
legal education courses that are related to the business of insurance.
(b) To renew a license issued under IC 27-1-15.6, a limited lines
producer with a title qualification under IC 27-1-15.6-7(a)(8) must
complete at least
fourteen (14) seven (7) hours of credit in continuing
education courses related to the business of title insurance with at least
one (1) hour of instruction in a structured setting or comparable
self-study in each of the following:
(1) Ethical practices in the marketing and selling of title
insurance.
(2) Title insurance underwriting.
(3) Escrow issues.
(4) Principles of the federal Real Estate Settlement Procedures
Act (12 U.S.C. 2608).
An attorney in good standing who is admitted to the practice of law in
Indiana and holds a license issued under IC 27-1-15.6 with a title
qualification under IC 27-1-15.6-7(a)(8) may complete all or any
number of hours of continuing education required by this subsection by
completing an equivalent number of hours in continuing legal
education courses related to the business of title insurance or any
aspect of real property law.
(c) The following insurance producers are not required to complete
continuing education courses to renew a license under this chapter:
(1) A limited lines producer who is licensed without examination
under IC 27-1-15.6-18(1) or IC 27-1-15.6-18(2).
(2) A limited line credit insurance producer.
(3) An insurance producer who is at least seventy (70) years of
age and has been a licensed insurance producer continuously for
at least twenty (20) years immediately preceding the license
renewal date.
(d) To satisfy the requirements of subsection (a) or (b), a licensee
may use only those credit hours earned in continuing education courses
completed by the licensee:
(1) after the effective date of the licensee's last renewal of a
license under this chapter; or
(2) if the licensee is renewing a license for the first time, after the
date on which the licensee was issued the license under this
chapter.
(e) If an insurance producer receives qualification for a license in
more than one (1) line of authority under IC 27-1-15.6, the insurance
producer may not be required to complete a total of more than
forty
(40) twenty (20) hours of credit in continuing education courses to
renew the license.
(f) Except as provided in subsection (g), a licensee may receive
credit only for completing continuing education courses that have been
approved by the commissioner under section 4 of this chapter.
(g) A licensee who teaches a course approved by the commissioner
under section 4 of this chapter shall receive continuing education credit
for teaching the course.
(h) When a licensee renews a license issued under this chapter, the
licensee must submit:
(1) a continuing education statement that:
(A) is in a format authorized by the commissioner;
(B) is signed by the licensee under oath; and
(C) lists the continuing education courses completed by the
licensee to satisfy the continuing education requirements of
this section; and
(2) any other information required by the commissioner.
(i) A continuing education statement submitted under subsection (h)
may be reviewed and audited by the department.
(j) A licensee shall retain a copy of the original certificate of
completion received by the licensee for completion of a continuing
education course.
(k) A licensee who completes a continuing education course that:
(1) is approved by the commissioner under section 4 of this
chapter;
(2) is held in a classroom setting; and
(3) concerns ethics;
shall receive continuing education credit for the number of hours for
which the course is approved plus additional hours, not to exceed two
(2) hours in a renewal period, equal to the number of hours for which
the course is approved.".
Renumber all SECTIONS consecutively.
(Reference is to HB 1570 as printed February 13, 2007.)
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MO157003/DI 103 2007