Mississippi Adopts Uniform Producer Licensing Standards

Mississippi has joined the states adopting current uniform licensing requirementss for insurance agents and brokers that include a single insurance producer license that renews every two years.

The single insurance producer licenses will be broken down into lines of authority: life; accident and health; property; casualty; variable life; variable annuity and personal lines.

There will also be a limited producer license for industrial fire; surety; title; trip accident and baggage; industrial life and accident and health; car rental; crop insurance and travel as well as a limited license for credit insurance producers.

Gov. Haley Barbour signed into law HB 777, the legislation approving the licensing changes, with an effective date of November. The Mississippi Insurance Department said it will begin transitioning to the new licenses beginning with life, accident and health producers in December when those licenses are set to expire

There will also be a limited license for credit insurance producers.

License applicants must complete pre-licensing courses for each major line of insurance for which they are seeking a license. Those renewing licenses must show proof of having completed 24 hours of continuing education. Those renewing for the first time, who were previously exempt from the continuing education mandate, need only show 12 hours. Limited insurance producers have no continuing education requirement.

The licensing standards were developed by the National Association of Insurance Commissioners (NAIC) to encourage uniformity in insurance producer licensing among states.

The licensing fee for individual producers, general agents, managing general agents and surplus lines agents is $100; for a business entity acting as a producer the fee is $200.