Under what condition must a broker's license be cancelled?

A broker's license must be cancelled if the Biennial Licensing Fee is not paid by the compliance deadline. This is a regulatory requirement that ensures that all licensed brokers remain in good standing and are contributing to the regulatory framework that supports the licensing of insurance professionals. Failure to pay this fee indicates non-compliance with state requirements, which can lead to the loss of the license.

Maintaining a broker's license involves fulfilling various obligations, one of which includes the timely payment of fees associated with licensure. This ensures that the licensing authority can continue to oversee and regulate the profession effectively. Other factors like client satisfaction, moving out of state, or a suspension for misconduct, although important in different contexts, do not directly lead to an automatic cancellation of a broker's license in the same straightforward manner as failing to pay the required fees.