Effective September 1, 2009, there will be a new line of insurance for variable life/variable annuity authority.
After March 31, 2010, agents will only be able to sell variable life/variable annuity products if they hold the variable life/variable annuity line of authority and have been appointed by their insurer for this line. Agents who satisfy the current requirements for variable life/variable annuity can continue selling under their existing license and appointment until March 31, 2010.
The 6-month transition period will allow currently licensed agents selling variable products to apply for the new line of authority and allow insurers to complete the new appointments for all agents selling their variable products. Agents must obtain the variable life/variable annuity line of authority and insurers must complete the required appointment no later than March 31, 2010.
Agents can apply online on or after September 1 at
www.sircon.com/wisconsin. The application fee is $75, and the agent will be required to provide the CRD number from the Financial Industry Regulatory Authority (FINRA) showing that the agent holds a Series 6 or Series 7 registration. No test is required for the variable life/variable annuity line of authority. OCI will process the application and provide the agent with an updated license copy.
Insurers are required to appoint each agent for the variable life/variable annuity line of authority. Insurers will be charged $16 for residents and $50 for nonresidents for the new appointment. After March 31, 2010, insurers will not be able to accept variable life/variable annuity business from any agent unless this new appointment has been completed.
A bulletin outlining this and other recent rule changes relating to agent licensing is available at our Web site at
oci.wi.gov/bulletin/0709aglic.htm.
If you have questions, feel free to contact the Agent Licensing Section at (608) 266 8699, or by e-mail at
ociagentlicensing@wisconsin.gov.