Applications for Insurance Agent and Broker Licenses; No. 2003-03 [33 Pa.B. 2136] Article VI of The Insurance Department Act of 1921 (40 P. S. §§ 231--297.4), which provides statutory authority for the Insurance Department (Department) to issue insurance agent certificates of qualification and insurance broker licenses, was repealed by the act of December 3, 2002 (P. L. 1183, No. 147) (Act 147), effective June 4, 2003. Accordingly, after June 3, 2003, the Department will be unable to issue new agent or broker licenses and will be converting its computer systems to permit the issuance of the new Insurance Producer license created by Act 147.
Prior to issuing a license, the Department's Bureau of Producer Services requires sufficient time to review all applications for an agent or broker license to conduct any background investigation necessary to verify the information provided therein and assess the applicant's worthiness for licensure. Currently, in light of the volume of applications the Department receives, the processing time for a ''clean'' application for which there is no adverse information regarding the applicant is approximately 10 business days. Applications containing adverse information or that are incomplete in any way may require a significantly larger time period to finalize, review and investigate before a decision on licensure can be made. Applications for an agent certificate of qualification or a broker license must be received by the Department before May 16, 2003, to ensure sufficient time to review the application and render a decision on licensure prior to the repeal of the existing law on June 4, 2003. Persons submitting applications for an agent or broker license after May 16, 2003, assume the risk that the Department may not have sufficient time to perform the necessary review to render a decision on licensure by June 3, 2003. Further, applications containing adverse information (for example, criminal convictions, prior licensure action, and the like) should be submitted immediately and, depending on the nature of the application, have no assurance of sufficient time for review prior to June 3, 2003. Applications that were not submitted with sufficient time for review and for which a decision on licensure has not been made by June 3, 2003, may be returned to the applicants who will then be required to requalify and reapply for an Insurance Producer license under the new law.
Questions regarding this notice or Act 147 should be sent to the Bureau of Producer Services, Insurance Department, 1300 Strawberry Square, Harrisburg, PA 17120, ra-in-plma@state.pa.us.
M. DIANE KOKEN,
Insurance Commissioner[Pa.B. Doc. No. 03-796. Filed for public inspection April 25, 2003, 9:00 a.m.]
