Montana Insurance License Requirements InsuranceLicenseExpress.com

To Obtain a license in Montana:
Anyone who would like to receive their insurance license to transact business as an insurance producer in Montana must pass the appropriate examination, apply for and be granted a license by the Montana Insurance Department, and be appointed by an insurance company.

General Information
1. Individuals who want to act as or hold himself/herself out to be a producer or public adjuster as to subjects of insurance located, resident, or to be performed in this state must be licensed as such producer or public adjuster.

2. Producers shall only solicit or take applications for, procure or place for others the kind of insurance for which he/she is licensed.

3. A valid appointment must be held by a producer to place any business with any insurer.

4. The Commissioner of Insurance shall not issue or extend any license to any individual less than eighteen (18) years of age.

Licensure Exam
All applicants for license as a producer, adjuster, or consultant shall pass an examination testing the applicant’s qualifications and competence to act as such producer or public adjuster to the satisfaction of the Commissioner of Insurance. When the license applicant is a partnership or corporation, each individual named on the agency license as having authority to act for the license applicant in its insurance transactions under the license must successfully complete the exam.

The applicant may be exempt from the examination for the following reasons:
1. Applying for a license for the same kind or kinds of insurance that the applicant was licensed for in this state within the last twelve (12) months.  It cannot have been a temporary license.

2. Applying for a license as a nonresident producer.  The approval is subject to reciprocal arrangements with the applicant’s state of residence;

3. Applying for a producer’s license to sell all-risk federal crop insurance.  To be exempt, the applicant must provide certification from an appropriate governmental agency that he/she is qualified to sell such insurance to the Commissioner of Insurance;

or

4. A transportation ticket agent of common carriers applying for license to solicit and sell only:

a. accident insurance ticket policies; or

b. insurance of personal effects being carried as baggage on such common carrier incidental to duties as a transportation ticket agent

Qualifications to become a Resident Producer
The following must be met for an applicant to qualify for a producer license or authority under an agency license:

1. The applicant must be a resident of Montana

2. The applicant must be appointed as producer by an authorized insurer

3. The applicant must have passed, no longer than one year prior to the application date, an exam for the type of insurance for which he or she has applied to be licensed

4. The applicant must be competent, trustworthy and of good reputation

5. The applicant must have experience or training (or be otherwise qualified) in the kind(s) of insurance for which he/she is to be licensed.  He or she must also be reasonably familiar with the provisions of this code which govern his/her operations as a producer; and

6. If the applicant is applying for a life or disability producer’s license, he or she may not be a funeral director, undertaker, or mortician operating in this or any other state.  This restriction would exempt an officer, employee, or representative thereof or anyone who holds an interest in or would benefit from such a business in this or any other state as well;

7. If applying for Variable Annuities, a report must accompany the Application for License, showing he/she is Montana State and NASD-approved

All individuals who wish to be empowered and designated in a business entity licensed as a producer must be licensed and qualified to exercise the power conferred thereby.

Nonresident Producer Qualifications
The following qualifications must be met if a nonresident individual or business entity wants to be licensed:

1. The law of the applicant’s state of residence extends a similar privilege to Montana residents

2. The applicant is licensed in his/her state of residence to act as producer for the kinds of insurance for which he/she applies for licensure in Montana; and

3. The applicant must apply for appointment and represent only those insurers for which he/she holds a valid appointment in Montana.

Additional information for both resident and nonresident applicants is available at: http://sao.mt.gov

Securities License Requirements

Any securities professional associated with a member firm-including partners, officers, directors, branch managers, department supervisors, and salespersons-must register with the Financial Industry Regulatory Authority (FINRA). The registration application requires information about the individual's prior employment and disciplinary history. FINRA prescribes two levels of qualification and registration:

• Registered representatives, generally sales personnel
• Principals, generally officers of the firm and other management personnel involved in the day-to-day operation of the firm's investment banking or securities business

As part of the registration process, securities professionals must pass examinations administered by FINRA to demonstrate competence in the areas in which they will work. These mandatory qualification examinations cover a broad range of subjects on the markets, as well as the securities industry and its regulatory structure, ensuring a minimum level of understanding and expertise. For additional information, you should consult with your broker-dealer management team. You may also visit FINRA's website for detailed information.