What action must be taken if an insurance professional has been convicted of fraud and seeks to return to their position?

When an insurance professional has been convicted of fraud and seeks to return to their position, applying for a 1033 waiver with an offer of employment is the required action. This waiver process, outlined in Section 1033 of the Violent Crime Control and Law Enforcement Act of 1994, is specifically designed for individuals who have committed certain crimes, including fraud, and want to regain their eligibility to work in the insurance industry.

The 1033 waiver allows the individual to demonstrate to the appropriate regulatory authority that they have taken steps to reform and can be trusted to work in a position where they handle financial transactions or insurance matters. This application must include an offer of employment from a licensed insurer, indicating that a company is willing to take them on, which underscores both accountability for past actions and a commitment to moving forward positively.

This process ensures that the integrity of the insurance profession is upheld while also providing a structured path for rehabilitation for those who have made mistakes in the past. Other options do not align with the regulated processes established for addressing cases of fraud in the insurance industry, making the option of the 1033 waiver the appropriate course of action.