SB 392 Modifies which members of fraternal benefit societies are exempt from insurance agent licensing
Sponsor: Wieland
LR Number: 1536S.01T Fiscal Notes
Committee: Small Business, Insurance and Industry
Last Action: 7/2/2015 - Signed by Governor Journal Page: S1760
Title: Calendar Position:
Effective Date: August 28, 2015
House Handler: Gosen

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Current Bill Summary


SB 392 - Currently there are two categories of persons within a fraternal benefit society that are not deemed an agent of the fraternal benefit society requiring insurance agent licensure: 1) any regular salaried officer, employee or secretary who devotes substantially all services to activities other than the solicitation of insurance contracts; and 2) any member representative of societies that insure members against death, dismemberment, or disability from accident only and that receive no commission or other consideration. The second category of persons exempt from insurance agent licensure has been changed to be any member representative of any fraternal benefit society who devotes less than fifty percent of his or her time to the solicitation and procurement of insurance contracts. A member representative is deemed to devote fifty percent of his or her time to the solicitation and procurement of insurance contracts if they solicited and procured insurance contracts in excess of fifty thousand dollars or contracts on more than twenty-five individuals.

This act is identical to HB 1197 (2015).

MICHELA BIRK