House Bill 724

AN ACT TO AMEND SECTION 83-17-251, MISSISSIPPI CODE OF 1972, TO REQUIRE THE COMMISSIONER OF INSURANCE TO MAINTAIN A DATABASE OF INSURANCE PRODUCER LICENSEES AGED 65 OR OLDER WHO HAVE SUBMITTED AN AFFIDAVIT ATTESTING TO THEIR QUALIFICATIONS TO BE EXEMPT FROM CONTINUING EDUCATION REQUIREMENTS; TO PROHIBIT A LICENSEE FROM BEING REQUIRED TO SUBMIT AN AFFIDAVIT WITH SUBSEQUENT APPLICATIONS FOR LICENSE RENEWAL IF THE APPLICANT HAS NOT HAD AN INTERRUPTION TO CONTINUOUS EXPERIENCE AS A LICENSED INSURANCE PRODUCER; AND FOR RELATED PURPOSES.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:

SECTION 1. Section 83-17-251, Mississippi Code of 1972, is amended as follows:

83-17-251. (1) Every individual seeking to be licensed as an insurance producer in the State of Mississippi, as a condition of issuance of an original license, must furnish the Commissioner of Insurance certification on a form prescribed by the commissioner that he or she has completed an approved prelicensing course of study for the line of insurance requested.

(2) The prelicensing course of study hours shall consist of twenty (20) hours of approved prelicensing education courses per line of authority. The Commissioner of Insurance shall determine the content requirements for each prelicensing course of study. The prelicensing educational requirements of this section shall not apply to:

(a) An individual that is exempt from taking the written examination as provided in Section 83-17-39(1) and Section 83-17-67.

(b) An individual who has received a bachelor's degree with major coursework in insurance from an accredited institution of higher learning.

(c) An individual holding a current and valid CEBS, CHFC, CIC, CFP, CLU, FLMI, LUTCF designation is exempt for the life line of authority.

(d) An individual holding a current and valid RHU, CEBS, REBC, HIA designation is exempt for the accident and health or sickness line of authority.

(e) An individual holding a current and valid AAI, ARM, CIC, CPCU designation is exempt for the property and casualty lines of authority.

(f) Limited lines insurance producer and limited lines credit insurance producer as defined in Section 83-17-53.

(g) An individual that is seeking licensure for the variable life and variable annuity products line of authority only.

(h) An individual that is seeking licensure for the life line of authority only.

(3) Every individual seeking renewal of an insurance producer license, which has been in effect for a term of eighteen (18) months or less shall satisfactorily complete twelve (12) hours of study in approved continuing education courses. Every individual seeking renewal of an insurance producer license, which has been in effect for a term of more than eighteen (18) months shall satisfactorily complete twenty-four (24) hours of study in approved continuing education courses, of which three (3) hours shall have a course concentration in ethics.

(4) The continuing educational requirements of this section shall not apply to:

(a) Any individual that is exempt from taking the written examination as provided in Section 83-17-39(1)(b), (c), (e) and (g);

(b) Any limited lines producer or limited lines credit insurance producer;

(c) A person not a resident of this state who meets the continuing educational requirement in the state in which such person resides and Mississippi has a reciprocal agreement with that state;

(d) Nonactive agents as defined in Section 83-17-1; or

(e) Any individual who is sixty-five (65) years of age or older and who has been licensed as an insurance producer for a continuous period of twenty-five (25) years or more * * * ~~as of April 17, 2023~~, as evidenced by the one-time submission of an affidavit, under oath, on a form prescribed by the commissioner, signed by the licensee attesting to satisfaction of the age, licensing and experience requirements of this paragraph (e). The commissioner shall maintain a database of each licensee who has submitted an affidavit pursuant to this paragraph which the commissioner has accepted as satisfactory. A licensee whose affidavit has been accepted by the commissioner as satisfactory who does not have an interruption to continuous experience as a licensed insurance producer, as required under this paragraph, may not be required to submit an affidavit when subsequently applying for license renewal in future years.

SECTION 2. This act shall take effect and be in force from and after July 1, 2026.