LICENSING AND RENEWAL FEES

A.This Regulation is promulgated in accordance with R.I. Gen. Laws Chapters 27-2.4, 27-3.2, 27-10, 27-10.1, 27-20.7, 27-52 and R.I. Gen. Laws §§ 27-2.7-7 and 27-3-38.

A.The purpose of this Regulation is to establish a fee schedule for the initial licensing and renewals of Insurance Producers, Insurance Claims Adjusters, Motor Vehicle Damage Appraisers, Surplus Line Brokers, Life Settlement Providers, Portable Electronic Vendors, Limited Lines Travel Producers and Life Settlement Brokers, Third Party Administrators and Reinsurance Intermediaries. The Regulation also provides for the fees for associated services and documents that the Commissioner has determined are reasonable and the requirements and applicable fees for electronic appointments, electronic renewal of appointment and electronic termination of appointments filed by insurance companies.

A.As used in this Regulation:

1."Appointment" or “Appointed” means an insurance producer acting as an agent of an insurer. This is intended to include any licensed producer engaged in selling, soliciting or negotiating insurance policies on behalf of a licensed admitted insurer.

2.“Continuing education tracking fee” means a fee that all insurance producers are required to pay pursuant to R.I. Gen. Laws § 27-3.2-9, this fee is included in the license fee.

3.“Department” means the Department of Business Regulation, Financial Services Division.

4.“License” means an insurance license issued by the Rhode Island Department of Business Regulation.

5.“Licensee” means the holder of an insurance license issued by the Rhode Island Department of Business Regulation.

6.“NAIC” means the National Association of Insurance Commissioners.

7."NIPR" means the National Insurance Producer Registry.

8.“Reinstatement” means the process by which an insurance producer license, motor vehicle damage appraiser license, public, independent or company adjuster license or surplus line broker license is reinstated without examination within one (1) year from the date of expiration. A Licensee who allows his or her License to expire will have until one (1) year from the date of expiration to file a new application for a License without having to take an examination. A Licensee must still complete and file a reinstatement application and pay all applicable fees. If a license is reinstated it is not considered to have lapsed.

9."Resident" means a person who either resides in Rhode Island or maintains an office in Rhode Island where the business of producing insurance is transacted and designates Rhode Island as the residence for purposes of licensure.

10.“Returned check” means any check submitted by or on behalf of an applicant for a License or submitted by a Licensee to the Department that is returned to the Department due to insufficient funds.

A.The Department issues two-year licenses. The fees listed below apply to a person obtaining the license during the two-year period even if his or her license will expire in less than two years. The fees for each license type are as follows.

B.The fee schedule for the initial and renewal license for the various types of licenses issued to individuals by the Department is as follows:

1.Insurance Producer License Fee (both initial application and renewal). These fees apply to all insurance producers licensed in the major lines of authority (life, accident and health and sickness, property, casualty, variable life and annuity, personal lines – property and casualty); title insurance producers and all limited lines of authority:

a.Residents - $120. Fee is calculated by adding $55 per year fee of R.I. Gen. Laws § 27-2.4-4 and the $5 per year Continuing Education tracking fee of R.I. Gen. Laws § 27-3.2-9.

b.Nonresidents - $130. Fee is calculated by adding $60 per year fee of R.I. Gen. Laws § 27-2.4-4, $5 per year retaliatory fee and a $5 per year Continuing Education tracking fee of R.I. Gen. Laws § 27-3.2-9.

2.Public, Company and Independent Claim Adjusters. Initial and Renewal Application – Resident and Nonresident Claims Adjuster Biennial License Fee: $250 (pursuant to R.I. Gen. Laws § 27-10-3).

3.Motor Vehicle Damage Appraisers. Initial and Renewal Application – Resident and Nonresident Motor Vehicle Damage Appraisers Biennial License Fee: $150 (pursuant to R.I. Gen. Laws § 27-10.1-1).

4.Surplus Line Brokers (both initial application and renewal).

a.Residents and nonresidents - $100.00. Fee is comprised of the $50 per year or part thereof pursuant to R.I. Gen. Laws § 27-3-42.

b.An individual is only eligible for a Surplus Line Brokers license if the individual has a valid Insurance Producers License with Property & Casualty lines of authority. In order to obtain a Surplus Lines Broker license the individual must apply and pay the above fees in addition to fees charged for the Insurance Producers license.

A.A Business Entity applying for an insurance producer, public, company or independent claims adjuster, motor vehicle damage appraiser or surplus line broker license shall apply and pay the fee identified in § 5.4 of this Part above for the individual license of the same class.

B.The fee schedule for the initial and renewal license for the other licenses issued to business entities by the Department is as follows:

1.Third Party Health Insurance Administrators. Annual Fee for Certificate of Authority or Waiver Certificate (Resident and Nonresident) - $250.

2.Reinsurance Intermediaries. Biennial License Fee (initial application and renewal) - $200 (comprised of $100 per year or part thereof per R.I. Gen. Laws § 27-52-4(d)(3)).

3.Portable Electronics Vendors. Biennial License Fee (initial application and renewal) - $200 (pursuant to R.I. Gen. Laws § 27-2.7-7).

4.Limited Lines Travel Producer

a.Residents - $120 - Fee is calculated by adding $55 per year fee of R.I. Gen. Laws § 27-2.4-4 and the $5 per year Continuing Education tracking fee of R.I. Gen. Laws § 27-3.2-9.

b.Nonresidents - $130 - Fee is calculated by adding $60 per year fee of R.I. Gen. Laws § 27-2.4-4, $5 per year retaliatory fee and a $5 per year Continuing Education tracking fee of R.I. Gen. Laws § 27-3.2-9.

5.Life Settlement Provider

a.Fee for initial license (Resident and Nonresident) - $1,000

b.Life Settlement Providers must file an annual report pursuant to R.I. Gen. Laws § 27-72-6 along with an annual license renewal fee of 500. Failure to file the annual report or pay the annual fee shall result in immediate suspension of the license and shall be a basis to permanently revoke the license.

A.The Department will charge the following fees for services and documents for all license types:

1.Returned Check Fee: $25.00.

2.Reinstatement Fee - $50

a.Licenses will be reinstated if the licensee makes application within one year of expiration and pays the reinstatement fee in addition to all applicable licensing renewal fees and otherwise qualifies to be reinstated.

A.Each licensed insurance company doing business in Rhode Island must file as set forth in R.I. Gen. Laws § 27-2.4-14.1 all Notice of Appointments, Renewal of Appointment and Terminations of Appointments electronically through NIPR and shall be completed within fifteen (15) days from the date the first insurance application is submitted.

B.Each licensed insurer shall pay to the Department a fee of $15 for the Notice of Appointment for each producer for each licensed company.

C.Appointments are valid through January 31 annually.

D.If the producer remains appointed with that insurer, the insurer must file a Renewal of Appointment. Each licensed insurer shall pay to the Department a fee of $15. For the renewal of each producer appointment.

E.If a producer is no longer appointed with an insurer, the insurer must file a Termination of Appointment with the Department. The Department will not charge a fee on Termination of Appointments.

F.The Department may contract with outside vendors for the electronic processing of appointments and may require that licensed insurers pay a reasonable fee to such vendors for processing of the report.

A.The Department may contract with non-governmental entities, including the NAIC or any affiliates or subsidiaries that the NAIC oversees, to perform any ministerial functions, including the collection of fees and data, related to licensing that the Department may deem appropriate.

A.If any provision of this Part or the application thereof to any person or circumstances is held invalid or unconstitutional, the invalidity or unconstitutionality shall not affect other provisions or applications of this Part which can be given effect without the invalid or unconstitutional provision or application, and to this end the provisions of this Part are severable.