This bulletin contains a summary of the creation of s. Ins 6.50 (2) (b) 5, Wis. Adm. Code, and amendments to ss. Ins 6.59 (2), 26.04 (2) (a), and 28.04 (2) (a), Wis. Adm. Code.
Effective April 1, 2008, all individuals selling travel insurance in Wisconsin are required to obtain an insurance agent license. Travel insurance is defined in s. Ins 6.50 (2) (b) 5, Wis. Adm. Code, as "insurance coverage for trip cancellation, trip interruption, baggage, life, sickness and accident, disability and personal effects when limited to a specific trip and sold in connection with transportation provided by a common carrier." This rule created a new limited line for travel insurance, adopting the uniform definition developed by the Producer Licensing Working Group of the National Association of Insurance Commissioners (NAIC).
Individuals applying for a resident license with the line of travel insurance are exempt from prelicensing education, examination and continuing education requirements. These exemptions are consistent with the NAIC uniform standards.
The resident and nonresident applications are currently available at our Web site. Anyone wishing to apply at this time can submit the appropriate application and fees. All applications will remain in a pending status until April 1, 2008, at which time the licenses will be issued to those individuals who meet the standards.
Wisconsin residents can apply online after March 20 at www.sircon.com/wisconsin, or use the following paper application:
OCI 11-041R Resident Insurance Agent License Application Without Examination. Nonresidents will be able to apply online at
www.sircon.com/wisconsin after March 15.
It is highly recommended that the readers of this bulletin obtain copies of those laws determined to be applicable to their situation or operations. You may obtain a copy of the administrative rule at
http://oci.wi.gov/rules/0650fn08.pdf.
If you have questions, contact the Agent Licensing Section at
ociagentlicensing@wisconsin.gov.