MD |Maryland updates qualifications for the selling of variable life insurance- Title 31:9:2.11 (annotated Code of Maryland)
A. Qualification to Sell Variable Life Insurance.
(1) A person may not sell or offer for sale in this State any variable life insurance policy unless the person is an agent and has filed with the Commissioner, in a form satisfactory to the Commissioner, evidence that the person holds any license or authorization which may be required for the solicitation or sale of variable life insurance by any federal or state securities law.
(2) A person may not solicit, sell, take applications for, or act or aid in any manner in the negotiation of a variable life insurance policy unless he has qualified for the sale of life insurance and annuities in accordance with the provisions of Insurance Article, Title 10, Subtitle 1, Annotated Code of Maryland, including passing the written examination required under Insurance Article, 10-105 and 10-109, Annotated Code of Maryland, and is specifically licensed by the Commissioner to act as agent or broker in regard to variable life insurance.
B. Reports of Disciplinary Actions. A person qualified in this State under this regulation to sell or offer to sell variable life insurance shall immediately report to the Commissioner:
(1) Suspension or revocation of his agent’s license in any other state or territory of the United States;
(2) Imposition of 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, state, or territorial agency with jurisdiction over securities or variable life insurance;
(3) 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.
C. Refusal to Qualify Agent to Sell Variable Life Insurance; Suspension Revocation, or Nonrenewal of Qualification. The Commissioner may reject an application or suspend or revoke or refuse to renew any agent’s qualification under this regulation to sell or offer to sell variable life insurance upon any ground that would bar the applicant or agent from being licensed to sell other life insurance contracts in this State. The rules governing a proceeding relating to the suspension or revocation of an agent’s license shall also govern the proceeding for suspension or revocation of an agent’s qualification to sell or offer to sell variable life insurance.