insurance regulation

fair credit reporting act

established procedures that consumer reporting agencies must follow in order to ensure that records are confidential, accurate, relevant, and properly used.

cease and desist order

if the superintendent finds that the licensee is in violation of an unfair method of competition, unfair claim, or unfair act or practice, the superintendent will issue this. this means the person must stop doing whatever they're doing. this person is liable for penalties up to $5,000.

consumer reports

include written and/or oral information regarding a consumer's credit, character, reputation, or habits collected by a reporting agency from employment records, credit reports, and other public sources.

each entity must file a statement with the superintendent annually on or before

march 1st

defamation

occurs when an oral or written statement is made that is intended to injure a person engaged in the insurance business.

what is the maximum fine for violating a cease and desist order?

$5,000

within how many days of requesting an investigative consumer report must an insurer notify the consumer in writing that the report will take place?

3 days

consumers must be advised that they have a right to request additional information concerning investigative consumer reports, and the insurer or reporting agency has how many days to provide the consumer with additional information?

5

every authorized domestic insurer and every rate service organization which makes or files rates will be examined at least once every

5 years

an insurer's office

is not considered an insurance producer.

reciprocity

occurs when the state in which the person resides accords the same priviledge to residents of new york.

when must agents submit license renewal applications to the superintendent?

at least 60 days before the license expires.