Section 28.04. Continuing education requirement.

 

(1)  

(a) Each intermediary licensed in any of the major lines listed in s. Ins 6.50 (2) (a) and the grandfathered limited line of automobile shall biennially complete 24 credit hours of continuing education approved by the commissioner in accordance with this chapter and with at least 3 of the 24 credit hours covering ethics in insurance.

(b) On or before the last day of the agent's license expiration date every resident-intermediary agent shall furnish evidence to the commissioner in a manner prescribed by the commissioner that 24 credit hours of continuing education, of which at least 3 credit hours must be in the ethics of insurance, have been completed.

(c) Intermediaries may fulfill the continuing education requirements by earning the required credit hours from courses taught in any or all of the major lines and the limited line of automobile.

(d) Excess credit hours accumulated during any reporting period may not be carried forward to the next reporting period. Courses are counted and banked in the order they are completed.

(e) An instructor of an approved continuing education course may receive the same number of credit hours as a person enrolled in the course for the purpose of meeting the requirements of this section. Intermediaries and instructors may receive credit hours for attending or teaching the same course only once during any biennium.

(f) Not less than 60 days prior to the reporting date set forth in par. (b) of each reporting period, the commissioner shall notify each intermediary, who the commissioner's records indicates is lacking the necessary continuing education credit hours, of the number of continuing education credit hours needed to comply with this section. Notice shall be mailed to the intermediary's residence address on file with the commissioner by first class mail.

(g) If the required credit hours are not banked by the reporting date set forth in par. (b) , the license of the intermediary shall be revoked with notice to the agent by first class mail.

(h) Any individual intermediary whose license has been revoked for failure to fulfill the continuing education requirement, shall, in order to be relicensed, satisfy the licensing requirements established by ss. Ins 6.59 and 6.63 .

(1m)   Definitions.

(a) NAIC means National Association of Insurance Commissioners.

(b) A declaration of uniform treatment means an agreement with another state that both states will deal with certain entities in the same manner.

(2)  Continuing education requirements shall not apply to the following:

(a) Any intermediary exclusively holding a limited line insurance license in the following lines: credit insurance, crop insurance, legal expense insurance, miscellaneous limited line, managing general agent, surety insurance, title insurance, or travel insurance.

(b) A nonresident intermediary whose state of residence grants similar exemptions to Wisconsin residents.

History: Cr. Register, November, 1995, No. 479 , eff. 12-1-95; am. (1) (a), (b), (d) and (2) (c), cr. (1m), Register, January, 1999, No. 517 , eff. 2-1-99; emerg. am. (1) (a), (2) (a), eff. 11-9-01; CR 01-074 : am. (1) (a) and (2) (a), Register January 2002 No. 553 , eff. 2-1-02; CR 05-111 : am. (1) (a), (d), (f), (g) and (i), r. and recr. (1) (b) Register October 2006 No. 610 , eff. 11-1-06; CR 07-096 : am. (2) (a) Register March 2008 No. 627 , eff. 4-1-08; CR 09-022 : renum. (1) (b) 1., (i) and (2) (c) to be (1) (b), (h) and (2) (b) and am. (1) (b) and (2) (b), r. (1) (b) 2., 3., (h) and (2) (b), am. (1) (g) and (2) (a) Register August 2009 No. 644 , eff. 9-1-09; correction to renumbering of (1) (h) made under s. 13.92 (4) (b) 1. , Stats., Register August 2009 No. 644 .