If a producer's license was revoked for a violation of the Insurance Code, when can the producer apply for a new license?

When a producer's license is revoked for a violation of the Insurance Code in Colorado, the individual must wait a specified period before reapplying for a new license. In this case, that period is two years. This mandated waiting period is designed to ensure that the individual has had sufficient time to reflect on the violation and to show a commitment to upholding the standards and regulations of the insurance industry before being granted the privilege to operate again.

Choosing a shorter timeframe, such as 30 days or 1 year, does not align with the intention of establishing a serious consequence for violations, which is to maintain the integrity of the insurance market and protect consumers. Additionally, options suggesting never being able to reapply do not take into consideration the provisions in place for individuals to redeem themselves and restore their professional standing after a determined period, demonstrating a pathway to compliance and improved behavior.

Thus, waiting two years before reapplying reflects a balance between accountability and the opportunity for rehabilitation in the realm of licensed insurance producers.