Section 230-RICR-20-50-1.4 - Licensing RequirementsA. A resident Broker's license may only be held by a person who holds a Property & Casualty Insurance Producer license issued pursuant to R.I. Gen. Laws Chapter 27-2.4. Brokers are subject to all provisions applicable to licensed Insurance Producers in Rhode Island as well as the additional requirements contained in this Part and R.I. Gen. Laws Chapter 27-3. In order to obtain a Broker's license a resident Producer licensed in Rhode Island must submit an as prescribed by the Department and processed by the National Insurance Producer Register ("NIPR").B. In accordance with R.I. Gen. Laws § 27-2.4-10(d) any person licensed as a surplus line broker in his or her home state shall be eligible for a nonresident surplus line broker license. Nonresident surplus line brokers must submit an application as prescribed by the Department and processed by the National Insurance Producer Register ("NIPR").C. Brokers who are residents of the State of Rhode Island shall file with the General Treasurer of Rhode Island a bond in the penal sum of twenty-five thousand dollars ($25,000) executed by the Broker as principal and by a surety company licensed to transact business in Rhode Island as surety. The resident Broker shall deposit with the Department a certificate from the General Treasurer that the resident Broker has filed said bond. D. Pursuant to R.I. Gen. Laws Chapter 27-2.4, a non-resident seeking to be licensed as a Surplus Line Broker must comply with the statutes and Regulations of his or her state of residence regarding bond requirements. If the nonresident state requires Rhode Island residents to post a bond in the licensee's home state, the licensee must post the bond required of residents in Rhode Island.E. The bond shall be continuously in effect while the Broker is licensed in Rhode Island. The bond may not be cancelled unless the Department receives written notification, at least thirty (30) days prior to cancellation, from the surety.F. Should the bond be cancelled as outlined above, the Broker's license shall be immediately suspended by the Department. Said license shall not be reinstated until such time as a substitute bond meeting the requirements of this Part and R.I. Gen. Laws § 27-3-39 is posted, the Department is notified of the posting and all other requirements of the license are met.G. The biennial fee for a Broker's license is one hundred dollars ($100). Fees for other services associated with licensing shall be set by regulation.230 R.I. Code R. 230-RICR-20-50-1.4