Changes to the Indiana Producer Licensing Requirements

June 14, 2007 . Bulletin 150 Changes to the Indiana Producer Licensing Requirements This bulletin is directed to all insurance producers. Effective July 1, 2007, amendments to the Indiana producer licensing requirements will occur. In an effort to promote uniformity of licensing requirements among the states, Indiana has now implemented additional requirements of the Uniform Producer Licensing Standards adopted by the National Association oflnsurance Commissioners. Copies ofthe amended requirements are available through the Indiana Department oflnsurance web page (www.in.gov/idoi). A brief summary follows: • New All producers' licenses issued or renewed on or after July 1, 2007, will be two year licenses. • • Expirations will be on the last day ofthe month two years from the date ofissue or renewal oflicense. • Licensing fees for the two year cycle will be $40.00 for a resident producer and $90.00 for a non-resident producer. • New Continuing education compliance will be required every two years and tied to the renewal date. • New Resident insurance producers licensed or renewed on or after July 1, 2007, must complete at least 20 hours ofcontinuing education during their two year license renewal period. • Residents currently holding a four year license will need to complete at least 40 hours of continuing education for their four year license before renewing and obtaining a two year license. • New Resident limited lines producers with a two year license (Funeral, Crop, or Hail) must complete at least five hours ofcontinuing education during the two-year license term. • New Resident limited lines producers with a Title qualification and a two year license will be required to complete at least seven hours of continuing education during the two-year license term. • New Surplus lines producer licensing fees are due every two years. • New Surplus lines resident license fees are $80.00, and non-resident license fees are $120.00. • New Surplus lines renewal will be coordinated with the renewal ofthe producer's Property & Casualty license. • New Surety bonds are no longer required ofsurplus lines producers. IN IANA DEPARTMENT OF INSURANCE