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HOUSE DOCKET, NO. 1099        FILED ON: 1/16/2013

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 880

 

The Commonwealth of Massachusetts

_________________

PRESENTED BY:

Michael A. Costello

_________________

To the Honorable Senate and House of Representatives of the Commonwealth of Massachusetts in General
              Court assembled:

              The undersigned legislators and/or citizens respectfully petition for the adoption of the accompanying bill:

An Act relative to continuing education requirement for insurance producers.

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PETITION OF:

 

Name:

District/Address:

Michael A. Costello

1st Essex


HOUSE DOCKET, NO. 1099        FILED ON: 1/16/2013

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 880

By Mr. Costello of Newburyport, a petition (accompanied by bill, House, No. 880) of Michael A. Costello relative to continuing education requirements for insurance producers.  Financial Services. 

 

The Commonwealth of Massachusetts

 

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In the Year Two Thousand Thirteen

_______________

 

An Act relative to continuing education requirement for insurance producers.

 

              Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:
 

              SECTION 1.  Section 177E of chapter 175 of the General Laws, as appearing in the 2010 Official Edition, is hereby amended by striking out paragraph (1), and inserting thereof the following paragraph:

              (1) Any person holding one or more such licenses shall prior to the initial renewal date of such license satisfactorily complete courses or programs of instruction or attend seminars equivalent to a minimum of sixty hours of instruction.

              SECTION 2.  Section 177E of chapter 175 of the General Laws, is hereby amended by striking out paragraph (2), and inserting thereof the following subsection:

              (2) Any person holding one or more of such licenses, who has complied with subsection (1), shall for each thirty-six month period prior to the renewal date of the license satisfactorily complete courses or programs of instruction or attend seminars equivalent to forty-five classroom hours of instruction.

              SECTION 3.  Section 177E of chapter 175 of the General Laws, as appearing in the 2010 Official Edition, is hereby amended by inserting after paragraph (2) of subsection B, the following new paragraph:

              (3) Any person holding one or more of such licenses and subject to the requirements of paragraph (1) or paragraph (2) of subsection B, shall satisfactorily complete a program of instruction or attend a seminar on Ethics equivalent to three classroom hours of instruction.

              SECTION 4.  Section 177E of chapter 175 of the General Laws, is hereby amended by adding the following sentence to the end of subsection H:

              “In addition to, or in lieu of, a license suspension, a person, after a hearing, which hearing may be waived by said person, may be subject to a civil fine not less than twenty nor more than one hundred dollars for each hour of instruction by which they fail to meet the requirements imposed by this section.”

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