R590-133-7. Licensing of Variable Contract Producers

(1) A producer is not eligible to sell, offer for sale, or make a recommendation to purchase or terminate a variable contract until the producer is licensed as a variable contract producer. (2) A producer's variable contract license is not effective until the producer: (a) obtains a life insurance line of authority; (b) provides evidence that the producer passed the Financial Industry Regulatory Authority examinations series six or seven and 63; and (c) provides evidence of being Utah approved from the Financial Industry Regulatory Authority, Central Registration Depository. (3) Notwithstanding Subsection (2), a nonresident producer may be licensed as a variable contract producer in this state upon providing evidence of being licensed as a variable contract producer in the resident state.