Eligibility of agents to sell or solicit variable annuity contracts

1. No person shall be eligible to sell or to solicit for the sale of variable annuity contracts unless, prior to making any such sale or solicitation, the person shall have become licensed as a life insurance agent and shall have become licensed as a securities salesman under North Dakota law. 2. Any person, having been licensed as a securities salesman and being associated with the variable contract business, shall immediately report to the commissioner of insurance and the commissioner of securities (a) any suspension or revocation of the person's variable annuity contract agent's license or life insurance agent's license in any other jurisdiction, or (b) the imposition of any disciplinary action (including suspension of or expulsion from membership, denial or suspension or revocation of registration, or other adverse order or directive) upon the person by any self-regulatory securities association, securities exchange, or any governmental agency with jurisdiction over securities or contracts of a variable nature, or (c) any judgment or injunction entered against the person on the basis of conduct deemed to have involved fraud, deceit, misrepresentation, or violation of any insurance or securities law or regulation.