Notice and effect of suspension, limitation or revocation of license.
1. Upon suspension, limitation or revocation of the license of an insurance consultant, the Commissioner shall immediately notify the licensee in person or by mail addressed to him at his most recent address of record with the Division. Notice by mail is effective when mailed.
2. The Commissioner shall not again issue a license under this chapter to any natural person whose license has been revoked until at least 1 year after the revocation has become final, and thereafter not until the person again qualifies for it under this chapter. A person whose license has been revoked twice is not eligible for any license under this title.
3. If the license of a business organization is suspended, limited or revoked, no member, officer or director of the organization may be licensed, or designated in a license to exercise its powers, during the period of suspension or revocation, unless the Commissioner determines upon substantial evidence that the member, officer or director was not personally at fault and did not knowingly aid, abet, assist or acquiesce in the matter for which the license was suspended or revoked.
Last modified: February 27, 2006