Orlando Harmon
Oregon insurance agents have a number of continuing education (CE) requirements that they must meet in order to renew their licenses. These requirements vary depending on the type of insurance being sold and the license held by the producer. For example, those selling flood insurance must complete a one-time three-hour course, while those selling long-term care insurance must complete an initial eight-hour training course followed by a four-hour course every two years. Overall, producers must complete 24 hours of CE every two years, including three hours of ethics and three hours of Oregon law, with no more than four hours in agency management courses.
| Characteristics | Values |
|---|---|
| Number of CE hours required for renewal | 24 hours |
| Number of CE hours required in Ethics | 3 hours |
| Number of CE hours required in Oregon Statutes and Administrative Rules | 3 hours |
| Maximum number of CE hours allowed in Agency Management courses | 4 hours |
| Maximum number of CE hours allowed per day | 8 hours |
| Reporting fee per credit hour | $1 |
| Renewal fee | $45 |
| Reinstatement penalty fee | $45 |
| Number of hours required for Long-Term Care Training Course | 8 hours initially, 4 hours every compliance period |
| Number of hours required for Flood Insurance Training Course | 3 hours |
| Number of hours required for Annuity Suitability Course | 4 hours |
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What You'll Learn
Long-term care training
To sell, solicit, or negotiate a Long-Term Care policy in Oregon, insurance agents must complete an initial 8-hour Long-Term Care Training Course. This course counts as one of the 24 credit hours required for license renewal. Following the initial training, agents must complete a 4-hour Long-Term Care Training Course every compliance period, which counts towards the 24-hour requirement for license renewal. These courses must be approved by the Oregon Department of Insurance, and at least 3 credit hours must be approved for ethics training and Oregon statutes and administrative rules, including recent changes.
It is important to note that there is no grace period for license renewal in Oregon. Agents who fail to meet their renewal requirements before their license expiration date will be considered lapsed and prohibited from conducting insurance business. To reinstate their license, agents must complete all outstanding CE requirements, pay a reinstatement penalty of $45, and submit their renewal application within one year of their license expiration date.
The state of Oregon charges a fee of $1 per credit hour, which must be collected by the CE provider and remitted when credits are filed. Additionally, it is recommended that agents complete their CE requirements at least 48 hours in advance of their license expiration date to ensure a smooth renewal process.
Oregon insurance agents can take CE courses in any line of authority, and the courses can be completed on any mobile device. These courses typically include chapter quizzes and a final exam, which must be passed with a score of 70% or better. While there may be specific licensing requirements and changes in state laws or insurance regulations, it is the responsibility of each agent to ensure they meet their individual license renewal requirements.
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Annuity suitability training
In the state of Oregon, insurance agents must complete 24 credit hours of continuing education (CE) requirements to renew their licenses. Three of these credits must be for ethics training, and another three must cover Oregon statutes and administrative rules and changes. While there is no grace period for late renewals, agents who fail to meet their renewal requirements before their license expiration date can reinstate their license by completing all outstanding CE requirements and paying a $45 reinstatement penalty.
For Oregon insurance agents who sell annuity products, a one-time, four-hour annuity suitability course is mandatory before selling. This training ensures that agents understand the updated Best Interest Standards, which were approved by the National Association of Insurance Commissioners (NAIC) in 2020. The course clarifies that insurance agents' recommendations must be in the consumer's best interest and that agents must demonstrate diligence and care when making these suggestions.
Several organizations offer annuity suitability training courses that satisfy state requirements. For example, Kaplan Financial provides NAIC Best Interest Standard Training Courses to help insurance agents meet the requirements of the NAIC Annuity Best Interest model regulation. Similarly, WebCE offers annuity training courses that cover topics such as the NAIC's updated Best Interest Standards. Additionally, Quest CE provides a consolidated platform for insurance license holders to access state and product training, allowing them to fulfill varying state requirements in a single training session.
By completing the necessary annuity suitability training, Oregon insurance agents can ensure they are compliant with state regulations and are providing recommendations that prioritize their clients' best interests. This training is a crucial step in protecting consumers of annuity products and ensuring ethical sales practices in the insurance industry.
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Renewal requirements
Oregon insurance agents must complete 24 hours of continuing education (CE) every two years, including three hours of ethics training and three hours of Oregon statutes and administrative rules. No more than four hours can be in agency management courses. The renewal period begins 90 days before the expiration date, and the license must be renewed on or before the last day of the licensee's birth month. It is recommended to complete CE requirements 48 hours in advance.
There is a $45 renewal fee, as well as a $1 per credit hour "filing fee" that must be collected by the CE provider. Agents who fail to meet these requirements before their license expiration date will be considered lapsed and prohibited from conducting insurance business. They have up to one year to reinstate their license by completing outstanding CE requirements and paying a $45 reinstatement penalty ($90 total).
Oregon insurance agents who sell flood insurance must complete a one-time, three-hour course on the National Flood Insurance Program (NFIP). Those who sell annuity products must complete a one-time, four-hour annuity suitability course. Agents may not sell, solicit, or negotiate long-term care policies without first completing an initial eight-hour long-term care training course, followed by a four-hour course every compliance period.
Consultants and adjusters are exempt from CE requirements. Non-resident agents are also exempt if they have met the requirements of their home state, except for LTC requirements.
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License reinstatement
Oregon insurance agents must complete 24 hours of continuing education (CE) every two years before their license expiration date. Of these 24 credits, 3 must be in the category of Ethics Training, and another 3 in Oregon Statutes and Administrative Rules. The remaining 18 credits can be in any subject matter, as long as the courses are approved by the Oregon Department of Insurance.
If an insurance agent fails to meet these renewal requirements before their license expiration date, their license will lapse and they will be prohibited from conducting insurance business. However, they can reinstate their license by following the steps outlined below:
Agents whose licenses have lapsed have up to one year to reinstate them. To do so, they must:
- Complete all outstanding CE requirements. This includes any CE requirements not satisfied to date, including the period for which the license was lapsed.
- Submit their renewal application through NIPR.com or Sircon.com.
- Pay a reinstatement fee of $45, a renewal processing fee of $5.60, and an additional $1 per credit hour "filing fee." This means that the total fees amount to $90 plus $1 per credit hour.
- If the license has been inactive for more than one year, the agent will need to complete the full re-application process, including fingerprinting, and pass a licensing exam.
It is recommended that agents complete their CE requirements at least 48 hours in advance of their license expiration date to ensure that their renewal application is available.
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Oregon CE requirements
Oregon insurance agents must complete 24 hours of continuing education (CE) every two years to renew their licenses. At least three of these 24 credit hours must cover ethics training, and another three must focus on Oregon statutes, administrative rules, and changes. No more than four hours can be dedicated to agency management courses.
It is recommended that agents complete their CE requirements at least 48 hours before their license expiration date to ensure their renewal application is available. There is no grace period for late renewals. Agents who fail to meet their renewal requirements before their license expiration date will be considered lapsed and prohibited from conducting insurance business. They can, however, reinstate their license by completing all outstanding CE requirements and paying a $45 reinstatement penalty within one year of their license expiration date.
Oregon charges a $1 per credit hour "filing fee" that must be collected by the CE provider and submitted when credits are filed. This fee must be paid before accessing the certificate exam, which requires a passing grade of 70% or better.
There are some exemptions to Oregon's CE requirements. For example, consultants and individuals holding only a Limited Lines License are not required to complete CE. Non-resident agents are also exempt if they have met the CE and Renewal Requirements of their home state.
Additionally, Oregon insurance agents have specific training requirements for selling certain products. For instance, agents selling flood insurance must complete a one-time, three-hour course on the National Flood Insurance Program (NFIP). Those selling annuity products must complete a one-time, four-hour annuity suitability course, and those selling long-term care insurance must complete an initial eight-hour long-term care training course followed by a four-hour course every compliance period.
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Frequently asked questions
Oregon insurance agents must complete 24 hours of CE every 2 years to renew their licenses.
Yes, there are a few exemptions to the CE requirements for Oregon insurance agents:
- Consultants are not required to complete any CE.
- Limited lines license holders who are not required to take an exam are exempt.
- Non-resident agents who have met the CE and renewal requirements of their home state are exempt.
Yes, Oregon insurance agents must complete the following specific courses:
- A minimum of 3 hours of Ethics Training.
- A minimum of 3 hours on Oregon statutes and administrative rules, including recent changes.
- An 8-hour Long-Term Care Training Course before selling, soliciting, or negotiating Long-Term Care Insurance.
- A 4-hour Annuity Suitability Course before selling, soliciting, or negotiating an Annuity Product.
- A 3-hour course on the National Flood Insurance Program (NFIP) if they sell flood insurance.
