Insurance Regulation

The insurance director shall examine every authorized insurer. How long must insurers keep records pertaining to the insurance transactions under the license?

3 years

How long must records associated with an insurance policy be kept?

3 years after the polity terminates

How long does a producer have to notify the director of a change in location or name?

30 days

All of the following events will terminate a producers certificate of appointment EXCEPT

A New Director is put into office

Chris who is unlicensed works part time in her father's insurance agency. She may perform all of the following except

Collect premium for in force policies and explain coverages to clients that have existing policies written by her father

The requirement that agents must account for all insurance funds collected, and without the expressed consent of the insurance company(ies) are not permitted to co-mingle those funds with their own funds is known as

Fiduciary responsibility

Which of the following would be considered an unfair claims settlement practice?

A claims adjuster advises the insured that if the claim goes to arbitration, the insured would probably receive less than what is currently being offered

When a producer was reviewing a potential customer's coverage written by another company, the producer made several remarks that were maliciously critical of that other insurer. The producer could be found guilty of

defamation

If the Director requests information regarding a claim, within how many days must the insurer provide a response?

21 days

Within what time period can a producer reinstate a lapsed license without having to pass a written exam?

12 months

Bob the insurance producer just sold an insurance policy to his sister. What kind of business is this?

Controlled

Federal Fair Credit Reporting Act

Regulates consumer reports