Life - Insurance Regulation

12 months

Any individual insurance producer who allows his or her license to lapse may, within __ months from the due date of the renewal fee, reinstate the same license without passing a written examination. If not, double the renewal fee

180 Days

Commissioner may issue a temporary insurance producer license for a period not to exceed this many days

Portable Electronics Insurance Limited Lines License, license good for 2 years

Provides coverage for the repair or replacement of portable electronics against a bunch of different categories of loss. License is valid for __ years

2 years

Records of complaints must be kept for a period of _ years and must be available for examination by the Commissioner at any time

Once every 5 years

The Commissioner may examine any company at any time, but at least once every _ years. Fine of up to ___ or imprisonment term max of _ year for the refusal of any person to submit to examination

30 days

A nonresident producer who moves from one state to another state must file a change of address and provide certification from the new resident state within ___ days of the change of legal residence

Producer

A person required to be licensed under the laws of this state to sell, solicit, or negotiate insurance

10K

Any person who violates a cease and desist order after it has become final must pay a fine of up to _____

Public Insurance Adjuster, remain in force for 3 years, 15 hours of continuing education, $10K, 6mo

Is a person who represents an insured in connection with the assessment of damages, negotiation, settlement, appraisal or reference of a loss under a bunch of insurance policies. Will remain in force for __ years, __ hours of continuing education. Fine not to exceed ______ or imprisonment for no more than ____ months

1000 or 6mo

Misrepresentation acts are punishable by a fine of up to $ and _mo in prison

100-1000 jail 1 year

Penalty for an agent trying to obtain any premium payment by fraudulent representations

10-100

Penalty for an unlicensed person impersonating an agent, broker, or adjuster

10,000 prison for 1 year max

Penalty for using information off a pretext interview

Fair Credit Reporting Act

Act that protects privacy of background information and ensures that information supplied is accurate.

up to 500

Any other violation, not specified for a penalty

Insurance Advisor, expires 3 years, fine between $50 and $500, imprisonment of max 6 months, or both

Any person who, for a fee, offers to examine any insurance, annuity, or pure endowment contract for the purpose of giving advice, counsel, recommendation, or information in respect to the contract's terms, conditions, benefits, coverage or premium. Expires ____ years from the effective date. Fine between ___ and ____

Special Brokers, 20 days

Are licensed to negotiate, continue, or renew insurance contracts with nonadmitted, foreign insurers. This broker must file an affidavit with the commissioner within __ days that states that the full amount of insurance required was not obtainable from admitted insurers

Every 36 month licensing period, needs 60 hours (3 in ethics) of CE then 45 (3 ethics) after initial period

Continuing education requirements

Fine up to 1000 per act

Engaging in unfair or deceptive acts in connection with insurance transactions

15 days, 90 days

Every insurer must file with the Commissioner all rates, every rating plan, and every modification of any of the foregoing which it proposes to use at least __ days prior to the proposed effective date of such plan. If such filing is made by a medical malpractice insurer regarding medical malpractice insurance, the commissioner may further delay the effective date of such filing for a maximum of __ additional days

2 times

Group rates charged for any group or individual may not exceed _ times the lowest rate that the insurer charges for the same business classification in that geographic area

Life settlement broker, 10K and 1 year

Is someone who offers or attempts to negotiate life settlements between an owner and a life settlement provider. Found guilty is a penalty of ______K for each violation and revocation of license up to _ year

50-500

Knowingly paying an unlicensed person acting as a producer

Reinsurance Intermediaries, 10 years

May represent or work for an insurer only if a written contract is in place, specifying each party's responsibilities. Must maintain complete records of reinsurance transactions for at least __ years after the expiration of the policy