Rhode Island: NIPR Paper Licensing

RHODE ISLAND: PAPER LICENSING

This page provides state-specific checklists, application forms and contacts for paper resident and non-resident licensing in the State of Rhode Island.

Non-Resident Licensing Checklist for Individuals

Organizational Documents

All nonresidents must complete the NAIC Uniform Application and the questionnaire that is attached to the application. Applicants are required to submit a letter of explanation and supporting documentation for those questions that are answered "yes" on the Uniform Application.

Filing Procedures

A letter of certification or letter of good standing is not required. Rhode Island will verify home state license information. All nonresident licensing is verified on the State Producer Licensing Database ("SPLD").

Any person who offers or sells variable annuity insurance products must have a Rhode Island Securities Registration. Please contact your broker/dealer to have U-4 form amended to include Rhode Island.

Fees Information

License fees for individuals (nonresidents)
1. Total fee due for new applications: $130 (biennial license)
2. Individual/insurance producer renewal fee: $130 (biennial license)
Miscellaneous fees (nonresidents)
1. Duplicate License fee: $25.00 (if requested)
2. *Letter of Clearance Fee $15.00 each
3. **Reinstatement Fee: additional fee of $50.00
4. ***Amendment to license fee: $50.00
* Request must be in writing and the original license should be attached to the request.

** Pursuant to R.I. Gen. Laws § 27-2.4-9(c) a license that expires is renewable within one (1) year of the expiration date.

If the Renewal is received within the thirty (30) day grace period of the expiration date, the individual is required to pay the biennial Renewal Fee of $130. An additional Reinstatement Fee is not required.

If the Renewal is received over the thirty (30) day grace period of the expiration date, the individual is required to pay the biennial Renewal Fee $130 + an additional reinstatement fee of $50 for a total fee of $180.

Renewals/Reinstatements will not be accepted past one-year. All Individuals that are over the one-year allowable time frame are required to reapply as a new applicant, complete a new NAIC Uniform Application and pay the biennial fee of $130.

*** Nonresident licensees that wish to amend his/her license (to add another LOA) are required to complete an NAIC Uniform Application to amend, and pay the additional amendment fee of $60.

To check the status of a license or to verify the expiration date, please visit the Department website at www.dbr.state.ri.us

Financial Responsibilities Requirements

Bond/Deposit requirements: Pursuant to R.I. Gen. Laws § 27-2.4-10(a) and (d), Rhode Island is only requiring a bond (in the amount of $25,000) from Rhode Island resident surplus lines broker applicants and nonresident surplus lines broker applicants whose home state require Rhode Island residents to obtain a bond as a condition of licensure. The states requiring bonds are California, District of Columbia & Florida.

Resident Licensing Checklist for Individuals

Organizational Documents

All residents must complete the NAIC Uniform Application and the questionnaire that is attached to the Application. Applicants are required to submit a letter of explanation and supporting documentation for those questions that are answered "yes" on the Uniform Application. All residents are required to obtain a certified criminal background report that is generated by the Office of the Rhode Island Attorney General. For more information, residents should review the Department website at www.dbr.state.ri.us.

Filing Requirements

Any person who offers or sells variable annuity insurance products must have a Rhode Island Securities Registration.
Miscellaneous fees (residents)
1. Duplicate License Fee: $25.00 (if requested)
2. * Letter of Clearance Fee: $15.00 each
3. **Reinstatement Fee: additional fee of $50.00
4. ***Amendment to license fee: $50.00
*Request must be in writing and the original license should be attached to the request.

**Pursuant to R.I. Gen. Laws § 27-2.4-9(c) a license that expires is renewable within one (1) year of the expiration date.

If the Renewal is received within the thirty (30) day grace period of the expiration date, the individual is required to pay the biennial Renewal Fee of $130. An additional Reinstatement Fee is not required.

If the Reinstatement is received over the thirty (30) day grace period of the expiration date, the individual is required to pay the biennial Renewal Fee $120 + an additional reinstatement fee of $50 for a total fee of $ 170.

Renewals will not be accepted past one-year. All Individuals are over the one-year allowable time frame are required to reapply as a new applicant, complete a new NAIC Uniform Application and pay the biennial fee of $ 120.

***Resident licensees that wish to amend his/her license (to add another LOA) are required to complete an NAIC Uniform Application and pay the additional amendment fee of $55.

To check the status of a license or to verify the expiration date, please visit the Department website at www.dbr.state.ri.us.

Financial Responsibilities Requirements

Bond/Deposit requirements: Pursuant to R.I. Gen. Laws § 27-2.4-10(a) and (d), Rhode Island requires a bond (in the amount of $25,000) for all Rhode Island resident surplus lines broker applicants.

All resident insurance producers that are selling, soliciting or negotiating insurance are required to carry and maintain E&O insurance, pursuant to RI Gen Laws § 27-2.4-23. The RI Insurance Commissioner may grant an exemption, pursuant to RI Gen Laws § 27-2.4-23(e). The individual may contact the RI Insurance Division for more information.

DISCLAIMER

The National Insurance Producer Registry ("NIPR") populates the State Matrix of Business Rules ("State Matrix") with information provided directly from participating state insurance departments. Participating states are encouraged to provide updated information when appropriate. NIPR does not guarantee the completeness, accuracy or adequacy of the information in the State Matrix. The information in the State Matrix does not constitute legal advice and use of this information is at user's own risk and responsibility. Any questions regarding the interpretation of the rules or the accuracy of the information should be directed to the appropriate state insurance department.

Uniform Application for Business Entities

PDF

WORD

Uniform Application for Individuals

paper_licensing_uniform_app_individuals.pdf

paper_licensing_uniform_app_individuals.docx

Non-Resident Licensing

Rhode Island accepts the Uniform Licensing Application for nonresident individuals.