LICENSE RENEWAL INFORMATION
Please note that all required CE requirements must be completed and posted on the licensee's record with the Ohio Department of Insurance before a license can be renewed.
INITIAL LICENSURE INFORMATION
Ohio has 6 major lines of authority:
- Accident & Health: Insurance coverage for sickness, bodily injury, or accidental death, and may include benefits for disability income.
- Casualty: Insurance coverage against legal liability, including coverage for death, injury, or disability or damage to real or personal property.
- Life: Insurance coverage on human lives, including benefits of endowment and annuities, and may include benefits in the event of death or dismemberment by accident and benefits for disability income.
- Personal: Is property & casualty insurance coverage sold to individuals and families for noncommercial purposes.
- Property: Insurance coverage for the direct or consequential loss or damage to property of any kind.
- Variable Life and Variable Annuity products: Insurance coverage provided under variable life insurance contracts and variable annuities.
Securities Registration for Variable Insurance Products
The Securities and Exchange Commission considers variable products (variable annuities and variable life insurance) to be securities. Variable products and those who sell them are subject to federal regulations as well as to state insurance regulations. Securities requirements of broker/dealer firms and registered representatives selling variable products are in addition to, and not instead of, insurance department requirements. Registered representatives who sell variable products must be dually licensed/registered to sell securities products and licensed to sell insurance products.
Insurance Licensing Requirements For Variable Annuity Products
In order to sell variable annuity products in Ohio, agents must be licensed with a variable products qualification. Ohio’s agent licensing laws do not make a distinction between group and individual variable products.
Any applicant applying for variable life/variable annuity line of authority must be registered with the financial industry regulatory authority (FINRA) as a registered representative after having passed at least one of the following examinations administered by the FINRA: the series 6 examination, the series 7 examination, the series 63 examination, the series 66 examination.
Ohio Administrative Code (“O.A.C.”) section 3901-6-02(K) provides that an agent may not solicit an offer to buy or a sale of life insurance in correlation with the sale of shares of a mutual fund or other security unless he is licensed and appointed as a life insurance agent and is also licensed to sell securities by the Department of Commerce, Division of Securities in accordance with Chapter 1707 of the Ohio Revised Code. Whether an Ohio securities license is necessary depends upon the specifics of the product being sold – if it is a registered security or a life insurance product being solicited or sold in correlation with a mutual fund or other security.