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RULE §53.6Procedure for Certification

(a) A company that meets the qualifications for certification may certify to TRS that it offers one or more qualified investment products, which shall be identified in the certification as annuity contracts, qualified investment products other than annuity contracts, or both.

(b) A company certifies to TRS by providing all information required in this chapter on a form promulgated by TRS for this purpose and by paying the required certification fee.

(c) As part of its certification to TRS, a company shall affirm that each of its representatives is properly licensed and qualified, by training and continuing education, to sell and service the company's eligible qualified investments and that the company will demonstrate this annually to TRS, as required by Article 6228a-5, Texas Civil Statutes, §12.

(d) For a company filing a certification on or after September 1, 2002, certification remains in effect for five years from the date on which TRS verifies by letter that all required information has been provided and the required fee has been paid, making the company eligible to be placed on the list of certified companies.

(e) A certifying company shall pay the certification fee established by this chapter to TRS at the time it certifies to TRS.

(f) A certified company has an on-going duty to correct any erroneous or misleading information provided to TRS in the certification process. A company shall notify TRS within 30 calendar days of a change in the information provided in its certification if such a change affects the accuracy of the company's certification or its eligibility for certification.

(g) TRS may deny a company's certification if the company does not provide all required information, if the information provided indicates the company does not meet the requirements for certification, or if TRS receives notification of a violation regarding the company or the company's product from the Texas Department of Insurance, the Texas Department of Banking, the State Securities Board, the Texas Attorney General, or the company.

(h) Denial of certification is final but a company may re-certify if it subsequently submits information or corrections that show it meets the requirements for certification. Additional or corrective information filed within 30 business days following a denial of certification shall not require payment of an additional certification fee.

(i) Certification remains in effect in accordance with the provisions of this section unless revoked or suspended by TRS or withdrawn by the company through written notice to TRS.

Source Note: The provisions of this §53.6 adopted to be effective May 5, 2002, 27 TexReg 3569; amended to be effective October 22, 2003, 28 TexReg 9087; amended to be effective October 29, 2007, 32 TexReg 7694; amended to be effective October 29, 2009, 34 TexReg 7340; amended to be effective March 24, 2010, 35 TexReg 2312

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