Utah Admin. Code R590-133-8 - Additional Provisions Applicable to Variable Contract Producers
(1) A person licensed in this state as a
variable contract producer shall immediately report to the commissioner:
(a) any suspension or revocation of the
variable contract producer's license or life insurance producer's license in
any other state or territory of the United States;
(b) any disciplinary sanction imposed upon
the producer by any:
(i) national securities
exchange;
(ii) national securities
organization; or
(iii) federal,
state, or territorial agency with jurisdiction over securities or variable
contracts; and
(c) any
judgment, conviction, or injunction entered against the producer involving:
(i) fraud;
(ii) deceit;
(iii) misrepresentation;
(iv) violating an insurance or securities
law; or
(v) violating an insurance
or securities rule.
(2) The commissioner may reject an
application for a variable contract producer's license upon any ground that
would bar the applicant from being licensed to sell life insurance contracts in
this state.
(3) The commissioner
may suspend, revoke, or refuse to renew any variable contract producer's
license upon any ground that would bar the producer from being licensed to sell
a life insurance policy or an annuity contract in this state.
(4) A variable contract producer shall renew
a license by following the same license renewal procedure for a life insurance
producer.
Notes
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