Rule 19-2-4.09 - Qualification and Examination of AgentsA. Variable contract agents1. No agent shall be eligible to sell or offer for sale a variable contract unless prior to making any solicitation or sale of such contract, he also is licensed as a variable contract agent. However, any agent who is licensed as a variable contractagent on theeffective date of this rule shall continue to be licensed as a variablecontract agent.2. Any agent who participated only in the sale or offering for sale of variable contracts thatare not registered under the Federal Securities Act of 1933 need not belicensed as a variable contract agent.B. Any agent applying for a license as a variable contract agent shall do so by filing with this Department his application. All such applications shall be in writing on uniform forms prescribed by the Department. The applicant shall, upon oath, answer such interrogatories as the Commissioner may require in such application, and the application shall be certified by an authorized representative of an insurance company lawfully authorized in the state to write variable contracts.C. There shall not be a written examination for a variable contract agent; however, as a prerequisite to be so licensed as a variable contract agent, the following requirements shall be met: 1. The applicant shall be a duly life insurance agent at the time he files his application for a variable contract license.2. He shall be duly qualified by examination under The National Association of Securities Dealers, Inc. Examination for Principals, or Examination for Qualification as a Registered Representative.D. Except as modified by this Rule, state statutes and Rules of this Department governing the licensing of life insurance agents shall apply hereto.E. Each variable contract agent shall be required to hold a Certificate of Authority with any insurer for which he is to place a contract of insurance.F. Any person licensed in this State as a variable contract agent shall immediately report to the Commissioner (a) any suspension or revocation of his variable contract agent's license or life insurance agent's license in any other State or Territory of the United State, (b) the imposition of any disciplinary sanction (including suspension or expulsion from membership, suspension or revocation of or denial of registration) imposed upon him by any national securities exchange, or national securities association, or any federal, or state or territorial agency with jurisdiction over securities or contracts on a variable basis, (c) any judgment or injunction entered against him on the basis of conduct deemed to have involved fraud, deceit, misrepresentation or violation of any insurance or securities law or regulation.G. The Commissioner may reject any application or suspend or revoke or refuse to renew any variable contract agent's license upon any ground that would bar such applicant or such agent from being licensed to sell life insurance contracts in this State. The rules governing any proceedings relating to the suspension or revocation of a life insurance agent's license shall also govern any proceeding for suspension or revocation of a variable contract agent's license.H. A non-resident applicant may qualify for a variable contract license only if he holds a like license in his state of domicile and that such other state has a reciprocal agreement for the purpose of licensing variable contract agents. These Rules and Regulations shall become effective July 1, 1978.
Promulgated and Adopted, this the 1st day of July 1, 1978.
Miss. Code Ann. § 83-7-45 (Rev. 2011)