Insurance Regulation

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2 years

producers license valid

2 years

producers need to submit a license renewal application every ________

defamation

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

false financial statements

________ are those that are intended to deceive public officials or the general public about the financial condition of an insurer.

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.

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

controlled business

__________ is insurance that covers the producer or producer's immediate family or employer.

business entity

a corporation, association, partnership, limited liability company, limited liability partnership, or other legal entity

twisting

a misrepresentation, or incomplete or fraudulent comparison of insurance policies that persuades an insured/owner, to his or her detriment, to cancel, lapse, or switch policies

30 days

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

180 days

a temporary license is valid for how many days

18

age to apply for a producers license

$100,000

aggregate fine for unintentional violations of the insurance code

rebating

any inducement offered to the insured in the sale of insurance products that is not specified in the policy

5 years

commissioner will examine each insurer

4 years

commissioners term in office

24 hours

continuing education required for insurance producer every two years

3 hours

continuing education that must be about ethics

10 days

every licensee must notify the Commissioner of any changes to the licensee's residential, mailing, business, or e-mail address or phone number with ________ days of the change

$5000

fine for repeated violations of the approved name regulation

$1000

fine for unintentional violations of insurance code

$250

fine for using unapproved name

$25,000

fine per violation for willful violations of insurance code

30 days

for commissioner to determine whether producer is suitable for appointment

15 days

for commissioner to inform insurer that producer is ineligible for appointment

30 days

if an insurer terminates a producer's appointment, the Commissioner must be notified within _______ days after the effective date of the termination

cease and desist order

if the commissioner has determined that a producer is guilty of engaging in an unfair trade practice or other deceptive act, the Commissioner can issue __________.

producers

individuals or business entities that are licensed to sell, solicit, or negotiate insurance.

unlawful insurance fraud

it is considered ________ for any person engaged in the business of insurance to willfully, with the intent to deceive, make any oral or written statement that contains either false statements or omissions of material fact

25%

maximum amount of business that can be attributed to controlled business

$250,000

maximum fine for all willful violations of insurance code within a 6-month period

insurance companies

producers represent who?

false advertising

representing an insurance policy as a share of stock, or using names or titles that may misrepresent the true nature of a policy also will be considered ____________

180 days

temporary license period

5 years

the Commissioner can examine insurers for solvency and compliance with the insurance code as frequently as deemed necessary, but at least once every _________.

4 years

the commissioner is elected to a term of ___________

30 days

to conduct a hearing

15 days

to file notice of appointment with commissioner

30 days

to notify commissioner of termination of appointment

30 days

to report administrative action or conviction

10 days

to report change of home or business address


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