Page:United States Statutes at Large Volume 113 Part 2.djvu/402

 113 STAT. 1422 PUBLIC LAW 106-102—NOV. 12, 1999 15 USC 6731 SEC. 316. EFFECTIVE DATE. This subtitle shall take effect on the date of the enactment of this Act. Subtitle C—National Association of Registered Agents and Brokers 15 USC 6751. SEC. 321. STATE FLEXIBILITY IN MULTISTATS LICENSING REFORMS. Effective date. (a) IN GENERAL. —The provisions of this subtitle shall take effect unless, not later than 3 years after the date of the enactment of this Act, at least a majority of the States— (1) have enacted uniform laws and regulations governing the licensure of individuals and entities authorized to sell and solicit the purchase of insurance within the State; or (2) have enacted reciprocity laws and regulations governing the licensure of nonresident individuals and entities authorized to sell and solicit insurance within those States. (b) UNIFORMITY REQUIRED. —States shall be deemed to have established the uniformity necessary to satisfy subsection (a)(1) if the States— (1) establish uniform criteria regarding the integrity, personal qualifications, education, training, and experience of licensed insurance producers, including the qualification and training of sales personnel in ascertaining the appropriateness of a particular insurance product for a prospective customer; (2) establish uniform continuing education requirements for licensed insurance producers; (3) establish uniform ethics course requirements for licensed insurance producers in conjimction with the continuing education requirements under paragraph (2); (4) establish uniform criteria to ensure that an insurance product, including any annuity contract, sold to a consumer is suitable and appropriate for the consumer based on financial information disclosed by the consumer; and (5) do not impose any requirement upon any insurance producer to be licensed or otherwise qualified to do business as a nonresident that has the effect of limiting or conditioning that producer's activities because of its residence or place of operations, except that countersignature requirements imposed on nonresident producers shall not be deemed to have the effect of limiting or conditioning a producer's activities because of its residence or place of operations under this section. (c) RECIPROCITY REQUIRED. —States shall be deemed to have established the reciprocity required to satisfy subsection (a)(2) if the following conditions are met: (1) ADMINISTRATIVE LICENSING PROCEDURES.— At least a majority of the States permit a producer that has a resident license for selling or soliciting the purchase of insurance in its home State to receive a license to sell or solicit the purchase of insurance in such majority of States as a nonresident to the same extent that such producer is permitted to sell or solicit the purchase of insurance in its State, if the producer's home State also awards such licenses on such a reciprocal basis, without satisfying any additional requirements other than submitting—

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