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Senate Bill Report SB 5026 — Eliminating Prelicensing Education Requirements for Licensed Insurance Producers

Summary

Senate Bill Report on SB 5026, as of January 6, 2023, prepared for the Senate Committee on Business, Financial Services, Gaming & Trade, with committee activity listed as 1/10/23. The bill, sponsored by Senators Mullet and Dozier, removes pre-licensing education requirements for first-time resident insurance producer licensee applicants. The background section states that Twenty-four states, including Washington, require first-time resident producer licensees to complete pre-licensing education, and that an applicant in Washington must complete 20 hours for each line of authority wished to be obtained. It lists the appropriation as None and a fiscal note requested on January 4, 2023.

Summary drafted by a model from the document's text below and checked by script against that text before publication. It is a navigation aid, not a reading of what the document proves. Where AI is used

Issuer
Congressional materials
Document type
Report
Date
2023-01-10
Case
2023 01 10 A30308 D247187 Bill Report 5026 Sba Bfgt 23

Cite this document

“Senate Bill Report SB 5026 — Eliminating Prelicensing Education Requirements for Licensed Insurance Producers.” Original at app.leg.wa.gov, dated 2023-01-10. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2023-01-10-2023-01-10-a30308-d247187-bill-report-5026-sba-bfgt-23/, SHA-256 a5e7aa956d61b53e6a5f9c9460fc37094564222b4802acbe7688419ac63a68f1.

Full text

                            SENATE BILL REPORT
                                  SB 5026

                                      As of January 6, 2023

Title: An act relating to the elimination of prelicensing education requirements for licensed
     insurance producers.

Brief Description: Eliminating prelicensing education requirements for licensed insurance
     producers.

Sponsors: Senators Mullet and Dozier.

Brief History:
     Committee Activity: Business, Financial Services, Gaming & Trade: 1/10/23.


                                     Brief Summary of Bill
           • Removes pre-licensing education requirements for first-time resident
             insurance producer licensee applicants.


SENATE COMMITTEE ON BUSINESS, FINANCIAL SERVICES, GAMING & TRADE

     Staff: Kellee Gunn (786-7429)

     Background: Resident Insurance Producer Licensing in Washington. All persons wishing
     to sell, solicit, or negotiate insurance contracts in Washington State for any line of insurance
     must be licensed as an insurance producer. Insurance producer licenses are available
     through the Office of the Insurance Commissioner (OIC). Licensing requirements differ
     depending on the major line of authority (LOA) sought, such as life, disability, property,
     casualty and personal lines.

     First-time Resident Producer Licensees in Washington. First-time resident producer license
     applicants must:
         • be at least 18 years of age;
         • complete pre-licensing education (PLE) for each major LOA wished to be obtained;



     This analysis was prepared by non-partisan legislative staff for the use of legislative
     members in their deliberations. This analysis is not part of the legislation nor does it
     constitute a statement of legislative intent.

Senate Bill Report                              -1-                                             SB 5026
         • pay any required fees; and
         • successfully pass the state examinations for the LOA in which they have applied.

     All persons applying for a resident insurance producer license must not have committed any
     act that is grounds for dismissal. Each applicant shall furnish fingerprints for submission to
     the governmental agency or entity authorized to receive this information for the state and
     national criminal background check.

     Resident Producers From Other States Who Move to Washington. Any resident producer
     licensed in another state, who wishes to move their residence to Washington, may waive the
     PLE and exam requirements if they apply for their Washington State license, cancel their
     previous home state license, and submit fingerprints within 90 days of moving to the state.

     Continuing Education. All licensees must follow up with continuing education
     requirements over the course of their career.

     Pre-licensing Education Requirements. Twenty-four states, including Washington, require
     first-time resident producer licensees to complete PLEs. The number of hours required of
     the PLE differs by state and major LOA. In Washington, an applicant must complete 20
     hours of PLE for each LOA wished to be obtained.

     Summary of Bill: Those seeking a license as a first-time resident insurance producer are
     not required to complete pre-licensing education to obtain their insurance producer license
     in Washington.

     Appropriation: None.

     Fiscal Note: Requested on January 4, 2023.

     Creates Committee/Commission/Task Force that includes Legislative members: No.

     Effective Date: Ninety days after adjournment of session in which bill is passed.




Senate Bill Report                             -2-                                         SB 5026

File and source

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2023-01-10_a30308_d247187_bill-report-5026-sba-bfgt-23.pdf
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SHA-256
a5e7aa956d61b53e6a5f9c9460fc37094564222b4802acbe7688419ac63a68f1
Our copy
2023-01-10_a30308_d247187_bill-report-5026-sba-bfgt-23.pdf
Original
app.leg.wa.gov
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