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Session Laws, 1957
Volume 640, Page 857   View pdf image (33K)
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Theodore R. McKeldin, Governor                      857

(iii) Has obtained, or attempted to obtain, such license by fraud
or misrepresentation; or

(iv) Has misappropriated or converted to his own use or illegally
withheld money belonging to an insured, an insurer, a beneficiary, a
broker or another duly licensed agent; or

(v) Has otherwise demonstrated lack of trustworthiness or compe-
tence to act as a life insurance agent; or

(V) Has been guilty of fraudulent or dishonest practices; or

(vii) (VI) Has INTENTIONALLY OR WILFULLY materially
misrepresented the terms and conditions of life insurance policies or
contracts; or

(viii) (VII) Has INTENTIONALLY OR WILFULLY made or
issued, or caused to be made or issued, any statement
MATERIALLY
misrepresenting or making incomplete comparisons regarding
the terms or conditions of any life insurance or annuity contract
legally issued by any insurer, for the purpose of inducing or attempt-
ing to induce the owner of such contract to forfeit or surrender such
contract or allow it to lapse for the purpose of replacing such con-
tract with another; or

(ix) (VIII) Has obtained, or attempted to obtain such license, not
for the purpose of holding himself out to the general public as a life
insurance agent, but primarily for the purpose of soliciting, negotiat-
ing or procuring either life insurance or annuity contracts covering
himself or members of his family or group insurance for a group
where he has an interest or control personally, through a relative, or
by compact with any other person.

(2) Before any license shall be refused (except for failure to pass
a required written examination), or suspended or revoked, or the
renewal thereof refused hereunder, the Insurance Commissioner shall
give notice of his intention so to do by registered mail, to the applicant
for, or holder of such license and the insurer whom he represents or
who desires that he be licensed, and shall set a date not less than ten
NOR MORE THAN THIRTY days from the date of mailing such
notice when the applicant or licensee and a duly authorized representa-
tive of the insurer may appear to be heard and produce evidence. In
the conduct of such hearing, the Insurance Commissioner or any regu-
lar salaried employee specially designated by him for such purpose
DEPUTY INSURANCE COMMISSIONER shall have power to
administer oaths, to require the appearance of, and examine any
person under oath, and to require the production of books, records
or papers relevant to the inquiry upon his own initiative or upon the
request of the applicant or licensee. Upon termination of such hear-
ing, findings
AND THE DECISION shall be reduced to writing and,
upon approval by the Commissioner, shall be filed in his office and
notice of the findings
AND DECISION SHALL BE sent by registered
mail to the applicant or licensee and the insurer concerned.

(3 ) No licensee whose license has been revoked hereunder shall be
entitled to file another application for a license as a life insurance
agent within one year from the effective date of such revocation. or,
if judicial review of such revocation is sought, within one year from

the date of final court order or decree affirming such revocation.

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Such application, when filed, may be refused by the Insurance Com-

 

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Session Laws, 1957
Volume 640, Page 857   View pdf image (33K)
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