28 Tex. Admin. Code § 3.1723 - Course and Training Requirements for Brokers
(a) Individual continuing education
requirement. A life settlement broker must complete at least 15 hours of
department-certified life settlement continuing education during each two-year
license period.
(b) Entity
continuing education requirement. A partnership, corporation, or other entity
must have each owner, partner, director, member, officer, and designated
employee named in the license application or in any supplement to the
application that performs the acts of a life settlement broker under Insurance
Code §
1111A.002(2),
and is not exempt under subsection (c) of this section, complete at least 15
hours of department-certified life settlement continuing education during the
two-year license period.
(c) Exempt
persons. A life settlement broker is not subject to the requirements of this
section if:
(1) the life settlement broker or
the owner, partner, director, member, officer, or designated employee of the
life settlement broker has been associated with the licensed entity for less
than two years; or
(2) the life
settlement broker holds a life insurance agent license or acts solely as a life
expectancy estimator. A life insurance agent must continue to meet all
applicable license and continuing education requirements for the life insurance
agent license.
(d)
Continuing education subject requirements. The 15 hours of continuing education
that a broker must complete during each two-year license period must include:
(1) at least six hours on the duties of life
settlement brokers under Insurance Code Chapter 1111A, the requirements of this
subchapter, and additional topics addressing statutes enacted and rules adopted
subsequent to the effective date of this section, provided that the statutes or
rules relate specifically to life settlement contracts;
(2) at least three hours on ethics and
consumer protection; and
(3) at
least six hours on life insurance.
(e) Credit for other licenses. Licensees may
count a life settlement course toward completion of the non-ethics or consumer
protection-related continuing education requirements prescribed in Insurance
Code Chapter 4004, and §
19.1003 of this title (relating to
Licensee Requirements). If a licensee uses a life settlement course to satisfy
a portion of the continuing education requirements prescribed in §
19.1003 of this title, the
licensee must comply with §
19.1013 of this title (relating to
Licensee Record Maintenance).
(f)
Out-of-state continuing education. For license holders determining equivalent
course hours, the licensee must maintain a list of all course approved times
and states in which the course is approved and provide the list to the
department on request. The equivalent hours are determined by using the average
of approved times in other states.
(g) Proof of course completion. A licensee
must maintain proof of completion of a life settlement continuing education
course for a period of four years from the date of completion of the course. On
request, the licensee must provide proof of completion of the life settlement
continuing education course to the department. A licensee must immediately
report to the department any discrepancy the licensee discovers between a
course taken by the licensee and the credit hours certified to the licensee by
the continuing education provider.
(h) Automatic fine. A broker's failure to
comply with the provisions of this section is subject to automatic penalties of
$50 per credit hour. Paying the automatic fine does not preclude other
administrative action.
(i)
Administrative action. Filing a properly completed renewal application
constitutes a licensee's certification that all required continuing education
hours for the reporting period have been completed. The department's renewal of
a license does not relieve a licensee or any individual from compliance with
the continuing education requirements for any reporting period, and the failure
to obtain required continuing education hours subjects the licensee to
administrative action.
Notes
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