CT SB00480

Banking Commissioner shall provide monthly lists to the Insurance Commissioner containing names and Social Security numbers of broker-dealers, agents, investment advisers, and investment adviser agents currently registered or with registrations denied, suspended, or revoked in the past ten years, effective October 1, 2014.

Insurance Commissioner may deny an insurance producer license application if the applicant appears on the list of individuals with denied, suspended, or revoked registrations, considering such actions as additional grounds beyond standard denial criteria.

Applicants denied a license must receive written notice of the reason and may request a hearing before the Insurance Commissioner within thirty days; appeals of final denials proceed to court in the New Britain judicial district.

Insurance Commissioner may nonrenew, suspend, or revoke an active insurance producer license if the licensee appears on the registration list and this information was not previously known, after providing notice and conducting a hearing.

Insurance Commissioner gains expanded authority to deny insurance producer licenses based on lack of proper qualifications or trustworthiness and public interest considerations, beyond existing statutory grounds for denial.