33-17-401. Nonresident insurance producer -- reciprocity. (1) A nonresident person may apply for a license if:
     (a) the person meets the requirements of 33-17-211(2);
     (b) the person is licensed in the state of his residence to act as insurance producer for the kind or kinds of insurance for which he applies for licensing in this state; and
     (c) the person's state of residence issues a similar license to a resident of this state for the same kind or kinds of insurance for which the person is qualified in this state.
     (2) The commissioner may license a nonresident individual without written examination if the insurance department in the individual's state of residence certifies that:
     (a) the individual either has passed a written examination for each kind of insurance applied for or was licensed prior to the time a written examination was required in the individual's state of residence; and
     (b) is currently licensed and in good standing.
     (3) The commissioner may issue only a nonresident license to a person, partnership, or corporation otherwise qualified under this code but not a resident of this state.
     (4) If, by the laws or rules of another state, a limitation of rights and privileges, conditions precedent, or any other requirements are imposed upon a resident of this state who is a nonresident licensee of the other state and the limitation, conditions, or requirements are in addition to or in excess of those imposed on nonresident persons under this chapter, the same limitation, conditions, or requirements must be imposed upon the residents of the other state.
     (5) If a nonresident insurance producer's state of residence suspends, revokes, or terminates his insurance license in that state, his Montana nonresident license automatically terminates and the nonresident insurance producer shall notify the commissioner that his state of residence has suspended, revoked, or terminated his insurance license in that state.

     History: En. Sec. 1, Ch. 44, L. 1969; R.C.M. 1947, 40-3333; amd. Sec. 8, Ch. 345, L. 1979; amd. Sec. 9, Ch. 409, L. 1987; amd. Sec. 29, Ch. 713, L. 1989.