Page:United States Statutes at Large Volume 54 Part 1.djvu/1113

 54 STAT.] 76TH CONG. , 3D SESS.-CH. 792-OCT. 9, 1940 the Superintendent may waive the examination requirement and accept in lieu thereof evidence that the applicant holds a license as broker or agent in the State where his principal business is conducted. The Superintendent may also waive the examination requirement in the case of any person who has been licensed in the District prior to the effective date of this Act. Licenses may be issued in the names of individuals, or in the names of firms, partnerships, or corporations, including banks, trust companies, real-estate offices, and building and loan associations: Provided, That on such licenses there shall be listed the name of every member or officer of such firm, partnership or cor- poration who solicits insurance or who countersigns policies: 2nd pro- vided further, That such named persons shall be subject to all require- ments of this Act, and that no officer or employee of such organizations other than those specifically named in such license shall be required to comply with this section, unless the duties of such officers or employees include soliciting or the countersigning of policies. No person shall be licensed as agent, broker, or salaried company employee when it appears to the Superintendent that said license is sought primarily for the purpose of obtaining commissions on policies on which he on his own account pays or is to pay the premiums, or on which the premiums are paid or are to be paid by any person who receives or is to receive any enefit, direct or indirect, from the commissions obtained, or on which the premiums are paid or are to be paid by any partnership, association, or corporation of which he is a member. SEC. 33. EFFECTIVE DATES OF LICENSES AND PRORATION OF FEES.-All licenses issued under this Act shall date from the first of the month in which the application for license is made, and shall expire on the 30th day of April next succeeding, and payment of the fees for such licenses shall be prorated accordingly. SEC. 34. TEMPORARY TRANSFER OF LICENSES. - In the event of the death or disability of any person licensed as a policy-writing agent, soliciting agent, or salaried company employee, the Superintendent may transfer such license to another person without the payment of an additional fee, and may renew such license: Provided, however, That no person shall act as policy-writing agent, soliciting agent, or salaried company employee under any transferred license or renewal thereof for a period in excess of six consecutive months. SEC. 35. RENEWAL OF LICENSES. -Renewal of all expiring licenses shall be issued by the Superintendent upon application in writing by the applicant for any such license, subject to the conditions of section 36, and subject also to the provisions for examination as set forth in section 32, upon payment of the applicable fee prescribed in section 41. SEC. 36. REVOCATION AND SUSPENSION OF LICENSES. -The Superin- tendent may revoke, suspend, or refuse to renew the license of any policy-writing agent, soliciting agent, broker, or salaried company employee when and if, after investigation, it appears conclusively to the Superntendent that any license issued to such person was obtained by fraud or misrepresentation, or that such person has- (a) Violated any of the provisions of the insurance laws of the District; or (b) Has failed within a reasonable time to remit to any com- pany all moneys which he has collected, and to which the company is entitled; or (c) Has been guilty of rebating or has misrepresented the provisions of the policies which he is selling, or the policies of other companies; or (d) Has countersigned policies in blank; or that (e) More than 25 per centum of his commission income from business to which the license applies results from policies the premiums on which are paid or are to be paid in the manner set forth in paragraph (f) of this section; or that 1079 Proisrs. Names to be listed on license. Requirements. Restriction. Effective dates of licenses and proration of fees. Temporary transfer of licenses. Provso. Limitation. Renewal of licenses. Ante, p. 1078; post, p. 1081. Revocation and sus- pension of licenses.

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