| (a) As a condition of licensure, an individual, partnership, or corporation acting as a variable contract agent (agent) must hold a valid life insurance agent's license issued under authority of the Insurance Code, Article 21.07-1. Additionally, an individual, as a condition for licensure as a variable contract agent, must meet the following requirements: (1) provide evidence of successful completion of an examination on general securities principles administered by the National Association of Securities Dealers on either: (A) series 1; (B) series 2; (C) series 6; or (D) series 7; and (2) provide evidence of successful completion of an examination on state securities law administered by the State Securities Board or the examination for the Uniform Securities Agents State Law Examination (USASLE) Series 63 administered by the National Association of
Securities Dealers. (b) Notwithstanding subsection (a) of this section, no securities examination listed in subsection (a)(1) or securities law examination listed in subsection (a)(2) shall be required as a condition for licensure as a variable contract agent for any individual whose variable contract sales are limited to variable annuity contracts sold to: (1) a stock bonus, pension or profit sharing plan which meets the requirements for qualification under §401 of the Internal Revenue Code of 1986; (2) an annuity plan which meets the requirements for the deduction of the employer's contributions under §404(a)(2) of such Code; or (3) a governmental plan as defined in §414(d) of such Code. (c) Notwithstanding subsection (a) of this section, neither the examination on state securities law, or the Uniform Securities Agents State Law Examination (USASLE) Series 63 shall
be required as a condition for licensure as a variable contract agent for any individual whose sales are limited to variable contracts. (d) Applicants claiming an exemption from examination under subsections (b) or (c) of this section shall so certify on the application. (e) Upon application for an initial license or for renewal of license, an agent shall state whether any insurance or securities regulatory agency or any securities industry association, including the National Association of Securities Dealers or any recognized stock exchange has, at any time prior to the filing of the application or renewal application, taken any judicial or administrative action against the agent.
|
| Source Note: The provisions of this §19.701 adopted to be effective October 26, 1984, 9 TexReg 5385; amended to be effective September 24, 1985, 10 TexReg 3437; amended to be effective April 2, 1987, 12 TexReg 954; amended to be effective October 3, 1995, 20 TexReg 7499.
|
