Which of the following is a legal requirement for insurance producers when renewing their licenses?

Insurance producers are required to complete a minimum number of continuing education hours as a legal requirement for renewing their licenses. This ensures that they stay updated on changes in laws, regulations, and best practices within the insurance industry. Continuing education helps producers maintain their knowledge and skills, ensuring they can effectively serve their clients and adhere to the latest developments in insurance products and services.

While some other choices may involve aspects of business practice or regulation, they do not pertain directly to the renewal process for insurance producer licenses. For example, being re-elected by stockholders is specific to corporate governance and not a requirement for individual producers. Submitting annual financial statements relates more to corporate financial accountability than to individual licensing. Furthermore, while background checks can be part of the licensing process initially, they are not typically a recurring requirement for license renewal. Thus, the emphasis on continuing education highlights the importance of ongoing learning and competency in the insurance profession.