Type of Insurance License
The process for obtaining a broker’s license differs slightly depending on whether the license is for a business or an individual. Additionally decide whether or not to apply for a residents or non resident producer’s license. This article discusses insurance licensing for individuals (both resident and non resident).
As the names imply, resident licenses are for individuals or businesses domiciled in the state of Connecticut. Non resident license are for insurance professionals who already have a license in their home state, but wish to conduct business in the state of Connecticut.
Producer License Education Requirements
The Connecticut Insurance Department requires all candidates (must be 18 years or older), to satisfy the 80 hour class time requirement. The 80-hour requirement applies to the Property Casualty producer’s license and the Life, Accident and Health license. Although the areas of concentration may differ, the number of class hours are the same.
Applicants who have achieved certain insurance designations are exempt from the 80-hour education requirement. Exempt designations include, but are not limited to:
- CEBS, CLU, HIA, REBC and/or RHU for Life agents
- AAI, ARM, CID and/or CPU for Property/Casualty agent
- CEBS, CLU, HIA, REBC and/or RHU for Accident/Health agents
- Non-resident applicants with a valid in force license from their home state
All candidates have to take the licensing exam. An insurance professional may be exempt from sitting for the 80 hours, but he may not apply for a Connecticut producer’s license without successfully passing the state licensing exam.
Completing the License Application Paperwork
After passing the licensing exam, candidates must complete state licensing application and submit it to the Connecticut Department of Insurance along with the appropriate fee. Since the application fee changes over time, it’s best to check on the Department website for the most up to date application fees.
Although the state of Connecticut does not require fingerprinting or background checks as does the state of New Jersey, applicants must submit ancillary documentation for every yes answer in the Background Information section of the application. Answering “Yes” answers to questions regarding prior by criminal activity, tax delinquencies, unpaid child support and more all require backup documentation further explaining the “yes” answer.
Insurance Continuing Education Credit
Once awarded the producer’s license, it is valid for two years. The expiration date coincides with the licensee’s birth date.
Within the two years of having an insurance license, all licensed producers, agents and brokers must take a minimum of 24 continuing education credits. Of the 24 credits, at least 3 credits must be from classes taken on Connecticut insurance law and regulations or ethics. Insurance agents cannot renew their license without having the necessary continuing education credits.
Because the general public relies on insurance agents’ education, expertise and honesty the Connecticut Department of Insurance takes precautionary measures when awarding licenses to new producers.