Section 2107. Insurance consultants; licensing and duties

(a) (1) The
  superintendent may  issue  an  insurance  consultant's  license  to  any
  person,  firm, association or corporation who or which has complied with
  the requirements of this chapter with respect to either: life insurance,
  meaning all of those kinds of insurance authorized  in  paragraphs  one,
  two  and  three  of  subsection  (a) of section one thousand one hundred
  thirteen of this chapter; or general insurance,  meaning  all  of  those
  kinds of insurance authorized in paragraphs four through twenty-three of
  such subsection, as specified in such license.
    (2)  Any  such license issued to a firm or association shall authorize
  only the members of such firm or association named in  such  license  as
  sub-licensees  to  act  individually  as consultants thereunder, and any
  such license issued to a corporation shall authorize only  the  officers
  and  directors  thereof  named  in  such license as sub-licensees to act
  individually as consultants thereunder. Each sub-licensee named in  such
  license   must  be  qualified  to  obtain  a  license  as  an  insurance
  consultant,  and  for  each  such  sub-licensee  the  fee  specified  in
  subsection  (b)  of this section must be paid. Every sub-licensee acting
  individually as a consultant pursuant to a license  issued  to  a  firm,
  association  or  corporation shall be authorized to act only in the name
  of such firm, association or corporation.
    (b) (1) Before an insurance consultant's license shall  be  issued  or
  renewed  the  prospective  licensee shall properly file in the office of
  the superintendent an application therefor in such  form  or  forms  and
  supplements  that  the superintendent prescribes, and pay a fee of fifty
  dollars for each year or fraction of a year in which a license shall  be
  valid  and  pay  an  additional  fee  of  fifty dollars for each year or
  fraction of  a  year  in  which  a  license  shall  be  valid  for  each
  sub-licensee. Every consultant's license issued pursuant to this section
  to a business entity shall expire on the thirty-first day of March, with
  respect  to (A) life insurance in the odd year and (B) general insurance
  in the even year, next following the date of issue. On and after January
  first, two thousand seven, every license issued pursuant to this section
  to an individual consultant,  and  every  license  in  effect  prior  to
  January  first  two  thousand  seven  that  was  issued pursuant to this
  section to an individual consultant, who was born  in  an  odd  numbered
  year,  shall  expire  on  the individual's birthday in each odd numbered
  year. On and after January first,  two  thousand  seven,  every  license
  issued  pursuant  to this section to an individual consultant, and every
  license in effect prior to January first, two thousand  seven  that  was
  issued  pursuant  to  this  section to an individual consultant, who was
  born in an even numbered year, shall expire on the individual's birthday
  in each even numbered  year.  Every  license  issued  pursuant  to  this
  section may be renewed for the ensuing period of twenty-four months upon
  the filing of an application in conformity with this subsection.
    (2)  (A) If an application for a renewal license shall have been filed
  with the superintendent before  the  expiration  of  such  license,  the
  license  sought  to  be  renewed shall continue in full force and effect
  either until the issuance by the superintendent of the  renewal  license
  applied  for  or  until  five  days  after the superintendent shall have
  refused to issue such renewal license and shall  have  given  notice  of
  such refusal to the applicant.
    (B) Before refusing to renew any such license, except on the ground of
  failure  to  pass  a written examination required pursuant to subsection
  (c) of this section, the superintendent shall notify  the  applicant  of
  his intention so to do and shall give such applicant a hearing.
    (c) (1) The superintendent shall, in order to determine the competency
  of  every applicant for license as an insurance consultant, require such

  applicant to submit to and pass to his satisfaction a personal,  written
  examination  concerning  the  kinds of insurance specified in paragraphs
  one, two and three of subsection (a) of section one thousand one hundred
  thirteen  of  this chapter for a life insurance consultant's license and
  paragraphs four through twenty-three of such subsection  for  a  general
  insurance  consultant's license. The fee for each such examination taken
  shall be fifty dollars.
    (2) The superintendent may accept, in lieu of any part or all of  such
  examination, the result of any previous written examination given by the
  superintendent,  The  American College, the American College of Property
  and Liability Underwriters,  the  Society  of  Actuaries,  the  Casualty
  Actuarial  Society,  the  American  Academy  of Actuaries or any similar
  organization which administers professional examinations.
    (d) The superintendent may refuse to issue an  insurance  consultant's
  license  if, in his judgment, the applicant or any proposed sub-licensee
  is not trustworthy and competent to act as a consultant,  or  has  given
  cause  for  revocation  or  suspension of such license, or has failed to
  comply with any prerequisite for the issuance of such license.
    (e) No person licensed as an insurance consultant under  this  section
  may be an executive in or employee of or own any shares which give him a
  substantial  interest, direct or indirect, in any authorized insurer. No
  such consultant may recommend or encourage the  purchase  of  insurance,
  annuities  or securities from any authorized insurer in which any member
  of  his  immediate  family  holds  an  executive  position  or  holds  a
  substantial interest.
    (f)  The  superintendent  may  issue  a replacement for a currently in
  force license which has been lost or destroyed. Before such  replacement
  license  shall  be  issued,  there shall be on file in the office of the
  superintendent a  written  application  for  such  replacement  license,
  affirming  under  penalty  of perjury that the original license has been
  lost or destroyed, together with a fee of fifteen dollars.