Section 500.635. Waiver of examination; alternatives; nonresidents.

(1) The commissioner shall waive part 1 of the examination for any agent who applies for extension of his license if the letter request from the insurer is accompanied by evidence that the agent has passed an acceptable alternative examination, that the agent currently is registered with the securities and exchange commission as a broker-dealer or  that the agent currently is associated with a broker-dealer and has met the qualification requirements for such association. The following examinations are acceptable alternative examinations:

(a)    Any state securities sales examination accepted by the securities and exchange commission.

(b)   The national association of securities dealers' examination for principals, or its examination  for  qualification   as    a   registered representative.

(c)   The various securities examinations required by the New York stock exchange, the American stock exchange, the Pacific stock exchange, or any other registered national securities exchange.

(d)  The securities  and  exchange  commission   test  given  pursuant  to section 15(b)(8) of the securities and exchange act of 1934.

(e)   The examination recommended for the testing of variable contract agents by the national  association  of  insurance   commissioners,   when adopted by the insurance department of  any  state  or  territory  of  the United States and approved for use by such department   by the   securities and exchange commission.

(2)  The  commissioner  shall  waive   the  examination   for   a   licensed nonresident agent if the insurance regulatory authority in the state in which the agent resides certifies to the commissioner that the agent is licensed to solicit and sell contracts on a variable basis in that state.

History: 1979 AC.