If an insurance professional is convicted of fraud, what must they typically apply for to return to the industry?

When an insurance professional is convicted of fraud, they typically need to apply for a 1033 waiver to return to the industry. This waiver is specific to the provisions outlined in the Violent Crime Control and Law Enforcement Act of 1994, which prohibits individuals with felony convictions related to dishonesty or breach of trust from engaging in insurance activities without such a waiver.

Obtaining a 1033 waiver allows individuals to demonstrate to regulators that they have rehabilitated and can be trusted to conduct insurance business responsibly, despite their past conviction. It establishes a formal process for review and approval of their eligibility to work in the industry again.

The other options do not apply specifically to the situation regarding a criminal conviction for fraud in the insurance field, as they either pertain to different types of regulatory issues or do not exist within the framework of insurance licensing requirements.