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Wis. Adds Variable Line

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Wisconsin insurance regulators are creating new licensing requirements for agents who sell variable annuities and variable life insurance.

Starting Sept. 1, there will be a separate line of authority for variable products, according to Wisconsin Insurance Commissioner Sean Dilweg.

After March 1, 2010, agents will be able to sell variable products only if they hold the variable life/variable annuity line of authority and have been appointed by their insurers for this line, Dilweg writes in a bulletin explaining the change.

“Agents who satisfy the current requirements for variable life/variable annuity can continue selling under their existing license and appointment until March 1, 2010,” Dilweg writes.

The application fee for agents is $75. To qualify, an agent must hold a Series 6 or Series 7 registration. No additional test is required.

Insurers must pay $16 for residents and $50 for nonresidents to appoint agents for the variable life/variable annuity line of authority.

A copy of a notice about the new requirements is available here.