A surrender is when an insurance professional tells the Department of Insurance in writing (using Form L-SURR) that the person wants to relinquish part or all of the insurance license. Generally, you will only need to surrender license authority if an employer prohibits you from having the license authority. If you are no longer acting under an insurance license, you can allow it to expire - you do not need to surrender the license.
|IMPORTANT! If you surrender license authority in Arizona, you cannot reapply for that license authority in Arizona for one year. If you surrender the entire Arizona insurance license, you cannot apply for another Arizona insurance license for one year. ARS §20-289(F).|