It is enacted by the General Assembly as follows:

SECTION 1. Sections 27-3.2-2, 27-3.2-4, 27-3.2-5, 27-3.2-6, and 27-3.2-9 of the General Laws in Chapter 27-3.2 entitled "Continuing Education Requirements" are hereby amended to read as follows:

{ADD 27-3.2-2. Applicability. -- ADD} This chapter shall apply to resident persons licensed to engage in the sale of the following {DEL types DEL} {ADD lines ADD} of insurance:

(1) {DEL Life insurance, annuity contracts, variable annuity contracts and variable life insurance; DEL} {ADD All lines of life insurance and health insurance. ADD}

{DEL (2) Sickness, accident and health insurance; DEL}

{DEL(3)DEL}{ADD(2)ADD} All lines of property and casualty insurance; and

{DEL(4)DEL}{ADD(3)ADD}) All other lines of insurance for which an examination is required for licensing.

{ADD 27-3.2-4. Educational requirements. -- ADD} (a) Any person holding a license issued pursuant to title 27 and not exempt under section 27-3.2-3 shall:

{DEL (1) During the period following the date of original issue, and beginning the next following April 1st until the first renewal of the license, satisfactorily complete, as may be approved by the insurance commissioner, courses or programs of instruction or attend seminars equivalent to a minimum of fifteen (15) classroom hours of instruction per year; and DEL}

{DEL(2)DEL}{ADD(1)ADD} For each {DEL thirty-six (36) DEL} {ADD twelve (12) ADD} month period beginning with the first renewal of the license, satisfactorily complete, as may be approved by the insurance commissioner, courses or programs of instruction or attend seminars equivalent to a minimum of {DEL forty-five (45) DEL} {ADD fifteen (15) ADD} accumulated {DEL classroom DEL} {ADD credit ADD} hours {DEL of instruction. DEL} {ADD with a minimum of five (5) hours of each class of insurance. ADD}

(b) The courses or programs of instruction satisfactorily completed which shall be deemed to meet the insurance commissioner's standards for continuing education requirements and the number of classroom hours for which they are equivalent are:

(1) Any part of the Life Underwriter Training Council Life Course Curriculum: fifty (50) hours; Health Course: twenty-five (25) hours;

(2) Any part of the American College "CLU" diploma curriculum: thirty (30) hours;

(3) Any part of the Insurance Institute of America's program in general insurance: twenty-five (25) hours;

(4) Any part of the American Institute for Property and Liability Underwriter's Chartered Property Casualty Underwriter (CPCU) professional designation program: thirty (30) hours;

(5) Any part of the Certified Insurance Counselor Program: twenty-five (25) hours;

(6) Any insurance related course approved by the insurance commissioner taught by an accredited college or university per credit hour granted: fifteen (15) hours;

(7) Any part of the Accredited Advisor in Insurance Program: twenty-five (25) hours;

(8) Any part of the Registered Health Underwriter (RHU) designation program: thirty (30) hours;

(9) Any course or program of instruction or seminar developed and/or sponsored by any authorized insurer, recognized agents association or insurance trade association or any independent program of instruction, shall, subject to the approval of the insurance commissioner with the advice of the continuing education board as established by section 27-3.2-5, qualify for the equivalency of the number of hours assigned thereto by the insurance commissioner; and

(10) Any correspondence course approved by the insurance commissioner with the advice of the continuing education board as established by section 27-3.2-5 shall qualify for the equivalency of the number of classroom hours assigned thereto by the insurance commissioner.

(c) A person teaching any approved course of instruction or lecturing at any approved seminar shall qualify for the same number of classroom hours as would be granted to a person taking and successfully completing that course, seminar or program.

{ADD 27-3.2-5. Continuing education advisory board. -- ADD} There shall hereby be established the continuing education advisory board. This board shall consist of two (2) representatives of the Rhode Island Life Underwriters Association, two (2) representatives of the independent insurance agents of Rhode Island, two (2) representatives of the professional insurance agents of {DEL New England DEL} {ADD Rhode Island ADD} , two (2) representatives of the chartered life underwriters, and one (1) representative of the Chartered Property and Casualty Underwriters. The board members shall be appointed by the commissioner and shall serve for a two (2) year term; provided, however, that the initial term of one (1) representative of each of the above organizations shall be one (1) year. The board shall meet at least once a year and additionally as required. This board shall advise the insurance commissioner on the plans and operations of the continuing education program for any person licensed pursuant to this title and not exempt under section 27-3.2-3.

{ADD 27-3.2-6. Compliance. -- ADD} (a) Any person licensed pursuant to this title and not exempt under section 27-3.2-3 shall comply with all the terms and requirements of this chapter.

(b) Excess classroom hours accumulated during one {DEL three (3) year DEL} {ADD renewal ADD} period may be carried forward {DEL to DEL} {ADD through the end of ADD} the next {DEL three (3) year DEL} {ADD renewal ADD} period.

(c) For good cause shown, the commissioner may grant an extension of time during which the requirements of this chapter may be completed, but that extension of time shall not exceed the period of one year.

(d) Every person subject to the provisions of this chapter shall furnish, in a form satisfactory to the insurance commissioner, written certification as to the courses, programs or seminars of instruction taken and successfully completed by that person. The certification shall be executed by or on behalf of the sponsoring organization.

{ADD 27-3.2-9. Fee. -- ADD} Notwithstanding any provision of the general laws to the contrary, there is hereby established a fee of five dollars ($5.00) per annum, which shall be paid by all persons licensed pursuant to {DEL this DEL} chapter {ADD 27-2.3 ADD} , and which additional funds shall be maintained in a restricted account maintained by the insurance commissioner to carry out the provisions of this section.

SECTION 2. This act shall take effect upon passage.