Page:United States Statutes at Large Volume 54 Part 1.djvu/1112

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PUBLIC LAWS--CH. 792-OCT. 9 , 1940 unless said person is duly licensed in conformity with this Act as a broker or as an agent or salaried employee of the company issuing the contracts of rein- policy. This section shall not apply to contracts of reinsurance, and e shall not apply to persons and kinds of insurance exempted under post, p.1080. section 38 of this Act. Procedure for ob- SEC. 32. PROCEDuRE FOR OBTAINING LICENSE.- Any person here- taining line. after desiring to engage in business in the District as a policy-writing agent, soliciting agent, broker, or salaried company employee, as defined by this Act, shall, before engaging in such business, secure from the Superintendent a license authorizing him to engage in such business. The person to whom the license may be issued shall file sworn answers to such interrogatories as the Superintendent may Prerequisites. require on forms furnished by the Superintendent. Before the Super- intendent shall issue a license to any policy-writing agent, soliciting agent, or salaried company employee, he shall require the company or policy-writing agent desiring the appointment of such person to certify- Residence. (a) That the person to be appointed, if not a salaried company employee, is a resident of this District, or that his principal office for the conduct of such business is in or will be maintained in the District; Identity. (b) That he is personally known to the person making the certification; Experience. (c) That he has had experience or instructions necessary to the proper conduct of the kind or kinds of business to which the license is to extend; Reputation. (d) That he has a good business reputation, is trustworthy, and is worthy of a license. Corporate surety Resident and nonresident brokers shall, as a prerequisite to the issu- bond. Filing of, necessary ance of a license, file with the Superintendent a corporate surety bond to issuance of license in an amount not less than $5,000 for the benefit of any person who may suffer loss resulting from fraud or dishonesty on the part of said resident or nonresident broker. Before the Superintendent shall issue a license to any policy-writing agent, soliciting agent, salaried company employee, or resident broker, he shall personally, or through his deputy or any person regularly employed in the Department, within a reason- Examinations. able time, and in a designated place within the District, subject each such person to a personal written examination relating to such person's knowledge of the kind or kinds of business to which the license nlay extend and his competency to act as such policy-writing agent, soliciting agent, broker, or salaried company employee. The Superintendent may in his discretion limit the scope of such examination to such par- ticular kind or kinds of business in which the person to be licensed is to be principally engaged. Following such examination the Super- intendent shall issue such license as may be applied for when he is satisfied that the person to be licensed is (a) competent and trustworthy and intends to act in good faith in the capacity involved by the license applied for, and that not more than 25 per centum of his commission income from business to which the license applies will result from policies the premiums on which are paid or are to be paid in the manner Poet P. 1080. set forth in paragraph (f) of section 36; and (b) that he has a good business reputation and has had experience, training, or education, or is otherwise qualified in the line or lines of business in which the license would entitle him to engage, and, except in the case of a nonresident broker or salaried company employee, is a resident of the District, or maintains his principal office for the conduct of such business in the District; and (c) is reasonably familiar with the insurance laws of the District, and with the provisions, terms, and conditions of the policies he is proposing to solicit, negotiate, or effect, and is worthy of a license. In the case of a nonresident applying for a broker's license, [54 STAT.