Administrative Responsibilities LAH
Commissioner's main responsibilities
1. licensing insurance producers and companies 2. approving, administering, or contracting the administration of relicensing education courses, insurance producer licensing exams, and CE programs 3. secure or require any documents or information, including fingerprints, reasonably necessary to verify the accuracy of information provided on an application 4. participate with the NAIC in a centralized insurance producer license registry for the purpose of submitting or obtaining information on insurance producer, including license history, lines of authority, and regulatory action. 5. approve forms to be used by individuals and business entities to apply to the department for an insurance producer 6. approve additional limited lines of authority
how long does the Commissioner hold office?
4 years
insurer must notify of all appointments and terminations of appointments of producers in the format and within the time frame specified by Commissioner
Department of Insurance
Medicare supplements must be approved by
Department of insurance
All continuing education programs courses must be approved by
Commissioner
All forms, including changes to previously approved forms, must be filed with
Commissioner
Any insurance company must provide a copy of any medicare supplement advertisement intended to be used in this state to ____ for review or approval
Commissioner
Authority to conduct frequent reviews to access the insurer's compliance with the investment requirements for variable annuities
Commissioner
Authority to conduct frequent reviews to assess the insurer's compliance with the investment requirements for variable annuities
Commissioner
Can suspect that an insurer or its agent has committed a violation or is engaged in an unfair trade practice, and issue a statement of charges and hold a hearing for any purpose deemed necessary may request a legal hearing and give written notice of the time and place of the hearing to the person in violation.
Commissioner
Can waive the requirements of the insurance exam
Commissioner
Corporations, associations, partnerships, and individuals may apply to _____ for rating organization licenses. ______ will make decisions on these applications within 60 days of the date on their filing.
Commissioner
Distributes certificate of authority after examining business and finding it to be financially stable and organized in accordance with the insurance code.
Commissioner
Each insurer must notify ___ whether or not a life insurance policy or annuity product will be marketed with illustrations
Commissioner
Establishes regulations that any insurers marketing a policy with illustration must comply with
Commissioner
Examine each rating organization as often as deemed necessary, but at least once every 5 years
Commissioner
If a licensee wants to transact insurance under a different name than that listed on his or her producer's license, they must report to who
Commissioner
Limited lines is a type of insurance determined by
Commissioner
May issue a nontransferable temporary producer's license without requiring a written examination
Commissioner
May issue subpoenas and administer oaths to anyone on any matter
Commissioner
Pennsylvania Insurance Code requires insurers to file their premium rates with
Commissioner
Punishment for violation of the state insurance license
Commissioner
Whenever any life insurance company does not have on hand the net value of all policies in force, ______ will notify the company and its agents that it cannot issue any new policies until such funds become available
Commissioner
if licensee is doing business under a fictitious name other than the name appearing on the producer license, the licensee is required to notify
Commissioner
insurer must notify terminated producer appointment within 30 days after effective date of termination.
Commissioner
may suspend or revoke the insurance company's certificate of authority, refuse to issue a new certificate of authority for a period of up to 1 year, and/or impose a penalty between 5k-25k for each violation
Commissioner
must notify within 5 days when there is any material change in their ownership, control, surplus, or solvency
Commissioner
specifies format and time frame of appointment and termination of producers
Commissioner
charged with monitoring the financial strength and integrity of insurers authorized to conduct business in PA in order to determine whether the continued operation of any insurer might be financially hazardous to policyholders, creditors, or to public in general
Commissioner and Department of Insurance
If specific regulations of the place of domicile of foreign or alien insurers prevent them from being compliant with any of the Pennsylvania regulations ______ must be notified in writing, then determines degree of compliance and acceptability for sure foreign or alien insurer
Department of Insurance
Monitors the financial strength of insurers
Department of Insurance
Must conduct an examination of every insurer at least once every 5 years, or as often as deemed appropriate
Department of Insurance
Producers must notify ____ of a change in address within 30 days
Department of Insurance
Variable life insurance is regulated by _____ as an insurance product
Department of Insurance
May accept an examination report on the company as long as the report was prepared by an NAIC-accredited insurance department in lieu of an examination of a foreign or alien insurer
Department of Insurance
an insurer that appoints an insurance producer must file a notice of appointment to ____, will verify if the insurance producer is eligible for appointment
Department of Insurance
May conduct an examination of any company authorized to transact insurance in this state to ensure that the companies remain solvent and conduct business of insurance in compliance with state laws and regulations pertaining to licensing, policy forms, rates, claims, and market conduct
Department of Insurance
May immediately and without notice revoke a temporary license if it is in public interest
Department of INsurance
Applying for a viatical settlement license from
Department of Insurance
Approves buyer's guide
Department of Insurance
Authorizes insurers
Department of Insurance
Who is the commissioner appointed by?
Governor with the consent of the senate
Who is the Commissioner
Head of the State Department
Create uniformity among life insurance policies
NAIC
Developed format of the long-term care insurance shopper's guide
NAIC
Models Unfair Trade Practices Act, expressly cites false advertising as an unfair trade practice and prohibits it
NAIC
maintains producer database
NAIC
Develop long-term care insurance shopper's guide
National Association of Insurance Commissioners (NAIC)
Paying producer appointment fees
appointing insurer
Authorize transfer of assets made by a company between any of its separate accounts
Pennsylvania Department of Insurance
Must be notified in writing if specific regulations of the place of domicile or foreign or alien insurers prevent them from being compliant with any of the Pennsylvania regulations. Then determines degree of compliance and acceptability for foreign or alien insurer.
Pennsylvania Department of Insurance
Periodically examine operations and investments of any separate account
Pennsylvania Department of Insurance
Approval of Medicare SELECT policies
State Department of Insurance
Approve of private insurers and HMO's policies for Medgiap
State Department of Insurance
insurers must submit 3 copies of all advertisements to _____ for approval
department of insurance
authorizes a producer to solicit or negotiate insurance on its behalf, must certify the producer's appointment as a representative
insurer
authority to make changes to an insurance policy
insurer's executive officer