Section 177E. A. The provisions of this section shall apply to resident and nonresident persons licensed to engage in the sale of the following types of insurance:—
(1) life insurance, annuity contracts, variable annuity contracts and variable life insurance;
(2) sickness, accident and health insurance;
(3) all lines of property and casualty insurance;
B. Such resident and nonresident persons licensed as aforesaid shall satisfactorily complete courses or programs of instruction in the minimum number of classroom hours as follows:—
(1) Any person holding one or more such licenses shall during the first thirty-six month period following the date of original issue of the licenses satisfactorily complete courses or programs of instruction or attend seminars equivalent to a minimum of sixty hours of instruction.
(2) Any person holding one or more of such licenses, who has complied with subsection (1), shall for each thirty-six month period satisfactorily complete courses or programs of instruction or attend seminars equivalent to forty-five classroom hours of instruction.
C. Excess classroom hours accumulated during any one thirty-six month period may be carried forward to the next thirty-six month period.
D. The courses or programs of instruction successfully completed which shall be deemed to meet the continuing educational requirements and the number of classroom hours for which they are equivalent are:—
(1) Any part of the life underwriting training council life course curriculum, fifty hours, health course, twenty-five hours.
(2) Any part of the American college chartered life underwriter “CLU” diploma curriculum, thirty hours.
(3) Any part of the Insurance Institute of America’s program in general insurance, twenty-five hours.
(4) Any part of the American Institute for property and liability underwriters charter property casualty underwriter “CPCU” professional designation program, thirty hours.
(5) Any part of the certified insurance counselor “CIC” program, twenty-five hours.
(6) Any insurance course approved by the commissioner taught by an accredited college or university per credit hour granted, fifteen hours.
(7) Any course or program of instruction or seminar developed or sponsored by an authorized insurer, recognized agents association or insurance trade association or any independent program of instruction, shall, subject to the approval of the commissioner, qualify for the equivalency of the number of classroom hours assigned thereto by the commissioner.
(8) Any correspondence course approved by the commissioner shall qualify for the equivalency of the number of classroom hours assigned thereto by the commissioner.
(9) Any part of the accredited associate in insurance “AAII”, twenty-five hours.
E. A person teaching any course of instruction set forth in subsection D. or lecturing at any seminar approved in said subsection shall qualify for the same number of classroom hours as would be granted to a person taking and successfully completing such course, seminar or program.
F. For good cause shown, the commissioner may grant an extension of time during which the requirements of this section may be satisfied by any such licensed person.
G. Every person subject to this section shall furnish in a form satisfactory to the commissioner written certification as to the courses, programs or seminars of instruction taken and successfully completed by such person.
H. Any person failing to meet the requirements imposed upon him by this section and who has not been granted an extension of time within which to comply pursuant to subsection G. hereof, or who has submitted to the commissioner a false or fraudulent certificate of compliance therewith shall, after a hearing thereon, which hearing may be waived by said person, be subjected to the suspension of all licenses issued for any and all kind or kinds of insurance until such time as such person shall have demonstrated to the satisfaction of the commissioner that he has complied with all of the requirements of this regulation and all other laws applicable to such licensing.
I. This section shall not apply to:—
(1) Persons holding resident licenses for which an examination is not required.
(2) Nonresident producers who hold an equivalent license or licenses in their home state and have satisfied their home state’s continuing education requirements, if the home state recognizes the satisfaction of its continuing education requirements imposed upon producers from the commonwealth on the same basis.
(3) Any limited or restricted license, issued pursuant to those sections of this chapter enumerated in subsection A. hereof, which the commissioner may exempt.
J. There is hereby established a review committee to be composed of a representative of the insurance department who shall serve as chairman, two representatives from the Independent Insurance Agents of Massachusetts, two representatives of the Massachusetts Association of Life Underwriters, and two representatives of the Professional Insurance Agents of New England. Said committee shall review courses and programs of instruction submitted to the commissioner for approval pursuant to paragraphs (7) and (8) of subsection D, and make recommendations to the commissioner on courses and programs of instruction to be approved and the number of classroom hours for which such courses and programs of instruction are equivalent.