Page:United States Statutes at Large Volume 48 Part 1.djvu/1165

 73d C ONGRESS. SESS. II. CH. 672 . JUNE 19, 1934 . who, in obedience to a subpena gives testimony under oath or pro- duces evidence, documentary or otherwise , under oath. SE C. 26. GENERAL AG ENT'S , AGE NT'S, AND SOLICITOR'S QUALwICA- TIONS AND LICENSES .-NO person shall act within the District for any life-insurance company as a general agent, agent, or solicitor in the solicitation or procurement of applications for insurance unless he has complied with the provisions of this section and has secured a license from the Superintendent of Insurance. Each applicant for such license shall file with the Superintendent of Insurance his writ- ten appl icat ion ther efor on blan ks f urni shed by the Supe rint ende nt, which application shall be signed and sworn to by the applicant and shall give his name, age, residence, place of business, and occupation for five years next prior to the date of application and also set forth his qualifications for such license, namely, his familiarity with the life-insurance laws of the District and with the provisions of the cont ract s to be nego tiat ed ; what insurance exp erience he has had, if any ; what insurance instruction he has had or expects to receive ; whether he has been refused or has had suspended or revoked a license to solicit insurance by the insurance department or super- vising officials of the District of Columbia or of any State ; whether any insurance company or any general agent claims such applicant is indebted under any agency contract or otherwise, and if so, the name of the cl aimant, the n ature of the claim and the applicant's defense thereto, if any ; whether he has had an agency contract canceled, and if so, when, by what company, or general agent and the reason for such action, and such other information as the Super- intendent may require. The applicant shall be vouched for by an official or a licensed representative of the company for which he proposes to act, who shall certify whether the applicant is person- ally known to him, whether the applicant has been appointed a general agent, agent, or so licitor to re present such c ompany, and that such company has duly investigated the character and record of such person, and has satisfied itself that he is trustworthy and quali- fied to act as its general agent, agent, or solicitor and intends to hold himself out in good faith as a life insurance general agent, agent, or solicitor. If, upon the showing made, the Superintendent of Insurance is reasonably satisfied that the applicant is a trustworthy person he shall promptly issue the license applied for. A general agent, agent, or solicitor licensed to represent any life-insurance company doing business in t he District s hall be entitl ed to place excess or rejected risks in any other company lawfully doing busi- ness in the District, with the knowledge and approval of his own compan y with out ad ditio nal or separ ate li cense. Every license issued under this section shall expire annually on the 30th day of April next a fter its issu e unless prio r thereto it i s revoked or suspen ded by the S uperi ntende nt of Insura nce o r the author ity of the general agent, agent, or solicitor to act for the company is terminated. In the absence of a contrary ruling by the Superintendent in a given case, license renewals shall be issued from year to year upon the request of the company without further action on the part of the general agent, agent, or solicitor. No officer or traveling salaried employee of any insurance com- pany not compensated on a commission basis shall be required to obtain a licen se unde r this sectio n. Every life-insurance company shall, upon the termination of the employment of any general agent, agent, or solicitor, file with the Superintendent of Insurance a statement of the facts relative to the Qualifications and li- censes. General agent, agent, and solicitor. Applieation for li- cen se. contents. Issue of license. 1139 Placi ng of reje cted risks with other com- pany. Term of license. Renewals. Exemptions. State ment on te rmi- nation of employment. of. Privileged character