Massachusetts § 177B - Insurance adviser license

§ 177B. Insurance adviser license

Section 177B. The commissioner, may, upon payment of the fee prescribed by section fourteen, issue to any applicant meeting the following requirements a license to act as an insurance adviser. The applicant for the license shall file with the commissioner a written application upon a form provided by the commissioner, which shall be executed on oath by the applicant and kept on file by the commissioner. The application shall state the name, age, residence and occupation of the applicant at the time of making the application; his residence, occupation and all business affiliations for the ten years next preceding the date of the application that the applicant intends to hold himself out and carry on business in good faith as an insurance adviser; and such other information as the commissioner may require. The application shall also contain a statement as to the trustworthiness and competency of the applicant, signed by at least three reputable citizens of this commonwealth. The applicant shall appear at a time and place designated by the commissioner and take a written examination prepared and administered by the commissioner or an independent testing service designated by the commissioner, under the direction of the commissioner, who shall fix a passing grade which in his judgment indicates the applicant's ability to perform in a satisfactory manner his duties under the license for which he has applied. The commissioner shall determine or approve any charges to be paid by applicants for the services of any independent testing service designated by the commissioner. The commissioner shall schedule such examinations at least semiannually, with a notice being given three months prior to the examination date. If the commissioner is satisfied that the applicant is trustworthy and competent he shall issue the license, which shall expire in three years from the date, unless sooner revoked or suspended as provided herein. The license may, in the discretion of the commissioner and upon the payment of the fee prescribed by section fourteen, be renewed for any succeeding three year period without requiring anew the detailed information specified by section 162L. The commissioner may at any time, for cause shown and after a hearing, due notice whereof has been given, revoke the license or suspend it for a period not exceeding the unexpired term thereof, and may, for cause shown and after a hearing, due notice whereof has been given, revoke the license while so suspended, and shall notify the licensee in writing of such revocation or suspension, and may publish a notice of such revocation or suspension in such manner as he may deem necessary for the protection of the public. Whoever acts as an insurance adviser, as defined in section one hundred and seventy-seven A, without such license or during a suspension of his license, shall be punished by a fine of not less than fifty nor more than five hundred dollars or by imprisonment for not more than six months, or both.

The license described in this section may be issued to a partnership as long as each party to be included in the partnership by name is found by the commissioner to be in all respects qualified for a license as an adviser under this section, and provided further that the provisions of section one hundred and seventy-three shall, so far as they are not inconsistent with this section, apply to every such partnership license.

The license described in this section may be issued to a corporation if the majority of the officers of said corporation is found by the commissioner to be in all respects qualified for licenses as advisers under this section. The provisions of section one hundred and seventy-four shall, so far as they are not inconsistent with this section, apply to every such corporation license.

The commissioner may at any time require such information as he deems necessary in respect to the business methods, policies and transactions of a licensee under this section. Whoever fails or refuses to furnish the commissioner any such information within ten days after receiving a written request therefor, and in such form as he may require, shall be punished by a fine of not less than fifty nor more than five hundred dollars.

Sections one hundred and seventy-four A and one hundred and seventy-four B shall, so far as applicable, apply to every license issued under this section.

The commissioner may require that any applicant for a license to act as an insurance advisor take a written examination prepared and administered by the commissioner or an independent testing service designated by the commissioner under the direction of the commissioner who shall fix a passing grade which in his judgment indicates the appointee's ability to perform in a satisfactory manner his duties under the license for which he has been appointed. The commissioner shall determine or approve any charges to be paid by applicants for the services of any independent testing service designated by the commissioner.