Section 500.633. Licensing of agents.

(1) A person shall not act as an agent in  the  solicitations  or sale of contracts on a variable basis unless he is a licensed agent of a life insurer whose certificate of authority specifically provides for the issuance of contracts on a variable basis and unless his life insurance agent's license has been extended to permit him to solicit and sell variable contracts. A licensed agent of a life insurer may solicit and sell contracts on a variable basis without extension of his life insurance agent's license if the contract is based on an account which is excluded from the definition of investment company by section 3(c)11 of the investment company act of 1940.

(2)   A licensed agent of a life insurer whose  certificate  of  authority specifically provides for the issuance of contracts on a variable basis may apply for extension of his license to permit the solicitation and sale of variable contracts by a letter request directed to the commissioner through the home office of the life insurer. Letter requests may be for 1 or more of the life insurer's licensed agents.

(3)   The licensing procedures prescribed by R 500.633 to R 500.636 shall not apply to the solicitation or sale of life  insurance   contracts   on   a variable basis as defined by R 500.841.

History: 1979 AC.