Variable Life & Annuity Line of Authority
Effective July 1, 2011, pursuant to Indiana Code (IC) 27-1-15.6 and IDOI Bulletin 184, an individual producer who sells, solicits or negotiates variable life and annuity products must hold a Variable Life & Annuity line of authority with the state of Indiana.
- Please note that adding a new line of authority to a license does not affect the expiration date nor renew the license.
- The producer must be Life or Life, Accident & Health licensed.
- The producer must be registered with a broker-dealer through the Financial Industry Regulatory Authority (FINRA) and hold either a Series 6 or 7 license. NOTE: a producer who becomes unregistered or unlicensed through FINRA must cancel the Variable Life & Annuity line of authority from the producer's license before renewing the license. A line of authority may be cancelled through the IDOI SERVICE REQUEST FORM.
- The producer must submit an application and fee to the department. The application may be done online through either www.nipr.com or www.sircon.com/Indiana, or through the uniform NAIC paper application (must be mailed to IDOI along with a check or money order made payable to "IDOI"). The fee is $40.00 for residents and $90.00 for non-residents, unless a non-resident retaliatory fee applies. The application process is the same for new licenses and the addition of new lines of authority.
- On the application, the producer must verify their FINRA registration with a CRD number. Individual CRD numbers may be found online at brokercheck.finra.org.
- All producers with the Variable Life & Annuity line of authority must complete a one-time 4-hour Annuity Suitability Training course. Available course offerings may be found online at www.sircon.com/Indiana by selecting "Look up education courses/credits" on the left-hand side and doing an "Approved Courses Inquiry."
- Titles of approved courses in Indiana will have key words such as NAIC Suitability, Suitability in Annuities Training, or Four-Hour Annuity Training. Before taking an annuity course without these key words, it is suggested producers confirm with the provider that their course complies with Indiana requirements.
If a Producer Becomes Unregistered with a Broker-Dealer through FINRA or No Longer Licensed with a FINRA Series 6 or 7 License:
- If a producer becomes unregistered with a broker-dealer through FINRA or no longer licensed with a FINRA Series 6 or 7 license, the producer is no longer eligible to hold the Variable Life & Annuity line of authority in Indiana and must cancel the line of authority from the producer's license before renewing the license. A line of authority may be cancelled through the IDOI SERVICE REQUEST FORM.
- A producer may verify his or her registration/licensure with FINRA at brokercheck.finra.org.
- If a producer completes continuing education and submits the producer license renewal application and fee without first cancelling the Variable Life & Annuity line of authority, the producer will have 30 days from the license expiration date to cancel the line of authority or the line of authority will be cancelled on the producer's behalf in order to renew the license.
- Once the line of authority is cancelled, in order to add the line of authority back to the producer's license, each of the requirements for adding the Variable Life & Annuity line of authority must be completed again.
Indiana Department of Insurance
311 W Washington St
Indianapolis, IN 46204-2787