Hello, bloggers! The following information is kind of important as it affects your resident insurance producer license!
There are several new changes that will occur to your Oregon resident insurance license, and these changes are effective as of January 1, 2008! Here are the changes:
The renewal date for all resident licenses is changing to the “birthday renewal” rule. This is an interesting change that will affect all licensees that have different birthday and renewal months. As of 1/1/08- all resident licensees will now renew in the month of their birthday instead of the last day of the month in which you passed your licensing exam. This will NOT result in a shortened licensing period, it can only result in a longer licensing period! To clarify, take a look at the following examples:
Ex #1: Under the current rule, let’s say that your license renews on 11/30/2007. This is before the effective date of the rule change (1/1/08). You will renew as you always have; have your fees and CE coursework proof postmarked by the last day of the month (the 30th) and into the state in order to renew. Your NEXT renewal is where the change will occur. Let’s say that your birthday month is April. Your next renewal will roll right past that old 11/30 renewal date and extend your license to April 30 of the next year! You, in this example, will actually have a 29-month license period!
Ex #2: Using the above example, let’s use the same 11/30/2007 renewal date. So, you renew as you always have by having your CE and renewal fees postmarked no later than that 11/30/2007 date. But let’s change things up a bit and say that your birthday month ALSO occurs in November. Nothing is going to change for you, unfortunately. If your historical renewal month and birthday month are the same (as mine are…arghhh!), you get NO benefit from this. You will renew (sigh) in November 2009 and every two years thereafter in November. So…no soup for you!
Finally, the state is still considering a “pro-rata” fee structure. In other words, you might get charged for, if we use the 29-month example above, for 29/24 of a license. If the standard renewal fee stays at $45, that would cost you instead $54.37. That is based on your license costing you $1.875/month ($45 divided by 24 months) multiplied by 29 months. You gotta be kidding me. Need I mention the state’s track record in getting computer systems to do things properly? Can you say “Portland water bureau?”
Well, IMHO…that’s RIDICULOUS! Wow… just charge the $45 and be done with it! If you have comments, let me know and I will be sure to forward them to the right person!
The second change is that all licensees will now only have to complete 24 hours of continuing education no matter how long you have been licensed. For all renewals that occur on or after 1/1/2008, you will only have to do 24 hours. So, if you renew in January of ‘08? 24 hours only! If you renew in December of 2007, and you haven’t made it to the hallowed “4th licensing period” level…you still have to do your 44 hours, and your 24-hour requirement will not hit until your next renewal.
For those of us already in the 24-hour class…no change. We get nothing. No soup for us.
Lastly, get ready to position yourself for one additional change effective 1/1/08: the required ethics CE has been changed to a 3-hour minimum from the original 2-hour course requirement. ProSchools has been ready to go on this for months, (click HERE for course info) as I saw this coming a long time ago. Rest assured, we got your back!
ALSO: don’t forget about the changes to the educational requirements regarding LONG TERM CARE insurance for those producers who sell the product. This law kicks in 1/31/2008.
In closing, I have to say that I feel personally attacked. My traditional license renewal month is May, and my birthday is in May. I’m already in the 24-hour CE deal, so I get nothing from that either. Wonderful. I get zip, zilch, nada, nothing, diddly. So, hopefully this will benefit you as it does NOTHING for me.