Xcel Laws and Rules Key Terms

Certificate of Authority

For an insurance company to conduct business in this state, it must first obtain a_______.

Rebating

No life insurance company or agent shall pay or offer a special favor to a customer as an inducement to purchase insurance.

Cease of Desist Orders

The superintendent of Insurance may issue a cease-and-desist order to any agent found to have commented an unfair or deceptive act or has broken an insurance law

Controlled Business

insurance written on the interest of the licensee, licensee's immediate family, or licensee's employer, or insurance covering the licensee

Agent

insured by the state of Ohio to authorize, solicit, receive, and forward applications to the insurer.

Reporting of Actions

must report a bankruptcy, felony conviction, or any other administrative action that occurs in Ohio or another jurisdiction to the Superintendent within 30 days.