Any person may file a petition with the commissioner for a waiver of the prelicensing insurance education requirement upon completion of equivalent education.

(1) A waiver based on a documentation of equivalent insurance education may be granted by the commissioner in lieu of the certificate of completion of the required prelicensing insurance education if the course of study was completed within the twelve months immediately preceding the date of the petition for waiver and the petitioner demonstrates to the satisfaction of the commissioner that the education meets or exceeds the curriculum required for the applicable line of authority.

(2) Persons successfully completing the following insurance professional designations are deemed to have completed the required prelicensing education requirements and will be issued a waiver of the prelicensing insurance education requirements:

(a) Life insurance: CEBS, ChFC, CIC, CFP, CLU, FLMI, and LUTCF;

(b) Disability insurance: RHU, CEBS, REBC, and HIA; and

(c) Property or casualty insurance: AAI, ARM, CIC, and CPCU.

(3) Except as provided in subsection (2) of this section, the commissioner retains the discretion to determine whether a petitioner has presented sufficient evidence of equivalent education and merits a waiver of the prelicensing insurance education requirement.

(4) The petition must be submitted and the commissioner's written waiver of prelicensing insurance education must have been issued before the petitioner will be admitted to the insurance licensing examination.