31.03.13.03

.03 Updating and Maintaining Producer Register.

A. At least once every 31 days, an insurer shall determine whether the license of any insurance producer who currently is appointed by the insurer has been suspended or revoked.

B. After determining that the license of an insurance producer who currently is appointed by an insurer has been suspended or revoked, the insurer shall:

(1) Within 5 business days after making the determination, terminate the appointment of the insurance producer; and

(2) Within 30 days after the effective date of the termination, update the insurer's producer register to reflect the termination of the appointment in accordance with Regulation .02B(2) of this chapter.

C. An insurer shall maintain its producer register for as long as the insurer acts as an insurer in the State.

D. If an insurer ceases to act as an insurer in the State due to a sale, merger, consolidation, or other transaction:

(1) The insurer shall transfer its producer register to the successor insurer that acquires the business of the insurer; and

(2) The successor insurer shall maintain the producer register for as long as the successor insurer acts as an insurer in the State.