§ 31A-23a-206. Special requirements for variable contracts line of authority.

(1) Before applying for a variable contracts line of authority: (a) a producer shall be licensed under Section 61-1-3 as a: (i) broker-dealer; or (ii) broker-dealer agent; and (b) a consultant shall be licensed under Section 61-1-3 as an: (i) investment adviser; or (ii) investment adviser representative. (2) A producer's or consultant's variable contracts line of authority is canceled on the day the producer's or consultant's securities related license under Section 61-1-3 is no longer active.