insurance regulation

temporary insurance producer license to

-The surviving spouse, next of kin, or a personal representative of a deceased or disabled producer -Disability may be the result of sickness, injury, and mental or physical disability

6 CE hours

All other licensees transacting insurance must complete ___ for each line

nonresident agent or broker

An examination is required of applicants for similar licenses in the other state.

30 days of either the date of arraignment or final disposition of the action

Any agent, broker, or agency that has violated an insurance law and as a result has an action taken against them in another jurisdiction or by another governmental agency in the state must report such action to the Director

insurance consultant

Any corporation, partnership, or limited liability company (LLC) engaged in the business of insurance consulting may become licensed as

$500 fine

Any person failing to provide the required notification may be subject to a fine of up to ____ per violation, suspension of the person's license, or both

fine up to $500

Any person violating the Insurance Code regulations pertaining to licensing, after notice and hearing, may be subject to an administrative

24 CE hours

Licensees are not required to complete more than

nonresident agent or broker

The state in which the person resides accords the same privilege to residents of Nebraska (Reciprocity)

30 days

This hearing must occur within ___ of the Directors receipt of the demand

consultant

counsels or advises people, for a fee regarding the advantages and disadvantages, insurable risks, benefits, coverage, or provisions of any insurance policy that could be issued in the state

life insurance

coverage on human lives, including benefits of endowment and annuities, and may include benefits in the event of death or dismemberment by accident and benefits for disability income

personal lines property and casualty insurance

coverage sold to individuals and families for primarily noncommercial purposes

Examinations

developed and conducted under the rules and regulations established by the Director

purpose of licensing

ensure that a producer meets educational and ethical standards required to fulfill producer's responsibilities to the insurer and to the public

business entity licenses issued under the Insurance Producers Licensing Act

expire on April 30 of each year

all producer licenses

expire on the last day of the month of the producer's birthday in the first year after issuance in which his or her age is divisible by two

Coercion

forceful act or threat aimed to influence a person to act against his or her will

1 year

good cause extension won't exceed

individual is required to

have a producer's license in order to sell, solicit, or negotiate insurance in the state of Nebraska

surplus lines department

in consideration of the payment of the license fee, may issue a surplus lines license, revocable at any time, to any individual who currently holds an insurance producer license or to a foreign or domestic corporation

accident and health or sickness

insurance coverage for sickness, bodily injury, or accidental death and may include benefits for disability income

variable life & variable annuity products

insurance coverage provided under variable life insurance contracts, and variable annuities

licenses

may be renewed within the 90-day period before their expiration dates

The Director

may make arrangements including: •contracting with an outside testing service •for administering examinations •collecting a nonrefundable fee from those who apply to take the examination

Deliberately false statements on the application

may result in: •denial •suspension •revocation of the license

agents/producers

must be appointed by each company they represent and licensed to sell the insurance companies products

3 hours of study

must be completed in courses related to insurance industry ethics

insurance consultant

must designate an individually licensed consultant who is an officer of the corporation or a member of the partnership or LLC and has substantial interest in or is an active participant in the management of the licensee, and who will have full responsibility for all insurance consulting transactions of the licensee

individual applicant for a consultant license

must submit the application to the Director, pay the required fees, and meet requirements

Exempt

not subject to an obligation

Commission

payment to the agent by the insurance company for placing insurance, usually a percentage of the policy premium

the Director may issue a statement of charges and hold a hearing for any purpose deemed necessary

practices, if the Director suspects that an insurer or its agent has committed a violation or is engaged in an unfair trade practice

surplus lines licensee

procures insurance on behalf of an insured from a qualified unadmitted insurer

property and casualty insurance

property covers the direct or consequential loss or damage to property of every kind; casualty covers legal liability, including that for death, injury, or disability or damage to real or personal property

Surplus lines insurance coverage

provides risk protection for parties who have sought insurance through authorized insurers and who, after diligent efforts, have been unable to procure such insurance

public adjuster

refers to any person who, for compensation, prepares property claims and negotiates settlements on behalf of an insured

All business entity and producer licenses

renewed within the 30-day period after their expiration dates will be deemed to have been renewed before their expiration dates

producer

represents one or more insurance companies (insurers)

Each insurer

sells, solicits, or negotiates any form of limited line credit insurance must provide a program of instruction approved by the Director to each individual whose duties will include selling, soliciting, or negotiating limited line credit insurance.

disposes of the business

temporary license cannot continue if the owner or the representative

within the scope of the Insurance Code

the Director may issue a statement of charges and hold a hearing for any purpose deemed necessary

if the Director denies an application for a license or does not renew a license

the Director must notify the applicant in writing of the reason for denial

p&c agents

can usually bind coverage for their clients

every 2 years

continuing education (CE) requirements

unfair trade practice

-Any person who is charged with engaging in an _____ will be subject to a cease and desist order -may be required to pay a monetary fine of $1,000 per violation, not to exceed the aggregate penalty of $30,000

applicant for a resident producer's license requirement

-Be at least 18 years of age Has not committed any act that is a ground for denial, suspension, or revocation -Has completed a prelicensing course of study for the lines of authority for which the person has applied -Has paid the required fees -Has successfully passed the examinations for the lines of authority for which the person has applied

applicant for agent requirements

-Have attained the age of majority -Be competent, trustworthy, financially responsible, and of good personal and business reputation -Have been licensed as an agent, broker, or consultant in Nebraska or another state for the 3 years immediately preceding the date of application or have successfully completed a specific program of study which has a broad national or regional recognition as determined by the Director

insurance producer license

-are subject to renewal and must be renewed every 2 years, by the last day of the month of a producer's birthday -may be renewed within the 90 days prior to expiration.

obtaining a license requirements

-education & examination -age & residency -good character •application & fees

types of insurance producer licenses

-life insurance -accident and health or sickness -property and casualty insurance -valuable life and variable annuity products -limited line credit insurance -any other line of insurance permitted under Nebraska laws, rules, or regulations

crop insurance

-limited line insurance for damage to crops from unfavorable weather conditions, fire, lightning, hail, or any other peril subsidized by the Federal Crop Insurance Corporation (FCIC) _including multi-peril crop insurance

business entity acting as an insurance producer

-required to obtain an insurance producer license -must pay the required fees and designate a licensed producer responsible for the business entity's compliance with Nebraska's insurance laws, rules, and regulations

Licensing regulations set out

-requirements -procedures -fees relating to the qualification, licensure, and appointment of insurance producers

temporary insurance producer license to

A member or employee of a business entity (licensed as an insurance producer) upon the death or disability of an individual designated in the business entity license

uniform application

A person applying for a resident insurance producer license must submit a ___ to the Director

$1,000 per violation

Any person who violates the Insurance Producers Licensing Act may be subject to a fine of not more than

A person will not be deemed to be acting as an insurance consultant

If any attorney, actuary, certified public accountant, teacher of insurance, or trust officer of a bank consults during the normal course of his or her usual business, and only incidental to such business

3 CE hours

Crop insurance licensees must complete

temporary insurance producer license to

In any other circumstance approved by the Director in the best interest of the public

CE requirements

Every licensed producer in this state is required to complete

30 days

Every producer licensed in Nebraska must notify the Director, in writing, within ___ days, of any change of legal name, email address, or residential and business address

CE requirements do not apply

For whom an examination is not required

A person will not be deemed to be acting as an insurance consultant

If a licensed agent gives advice incidental to the normal course of the agent's insurance business and does not charge a fee other than the commissions received from the insurance written

A person will not be deemed to be acting as an insurance consultant

If a person employed as a risk manager consults during the normal course of his or her full-time employment to the company by which such person is employed

$15,000 per violation, up to $150,000 total

If a violation is willful and flagrant, the fines are

21 CE hours

Licensees who are not insurance producers will be required to complete

21 CE hours

Life, accident and health or sickness, property, casualty or personal lines property and casualty insurance licensees must complete

12 months

Producers who allow their license to lapse may reinstate the same license, without passing a written examination, within ____ of the due date of the renewal fee.

180 days

Temporary producer licenses may be issued for the maximum

good cause is shown

The Director may grant an extension of the 2-year licensing period if

National Association of Insurance Commissioners

The Director may utilize the national insurance producer database or any other equivalent uniform national database, for the licensure of an individual or an entity as a surplus lines producer and for renewal of such license

nonresident agent or broker

The applicant otherwise complies with all provisions of the licensing requirements

nonresident agent or broker

The appropriate official in the other state certifies that the applicant holds a currently valid license as agent or broker and has either passed the written examination or held a license prior to the time such examination was required, and that license is in good standing.

temporary insurance producer license to

The designee of a licensed producer who enters active service in the armed forces of the United States

cease and desist order

The person who receives a _____ is legally required to stop the act in violation

separate producer license

The sale or solicitation of crop insurance requires a

cease & desist order

Whenever it appears that any person is violating an insurance law of Nebraska or any rule or regulation made by the Director, the Director may issue a

CE requirements do not apply

Who hold any exempt limited licenses

CE requirements do not apply

Who only transact -credit life or credit accident and health insurance -travel insurance -self-service storage facility insurance

Statute

a formal written law enacted by legislature; insurance statutes can be found in the state Insurance Code

Reciprocity

a mutual interchange of rights and privileges

Solvency

ability to meet financial obligations (e.g. an insurance company maintains enough assets to pay claims)

public adjuster

also applies to any person who directly or indirectly solicits the business of investigating or adjusting losses or advises an insured about first-party claims for loss or damage to real or personal property of the insured

Business entity and producer licenses

also may be renewed within the 30-day period after their expiration dates upon payment of a late renewal fee in addition to the applicable fee otherwise required for renewal of business entity and producer licenses

To secure a crop license

an applicant must pass an examination related to the specifics of crop insurance.

surplus lines applicant

an individual, the application for the license must include the applicant's social security number

Inducement

an offer that attempts to influence the other party

Subpoena

an order for someone to appear as a witness or submit testimony or evidence

Class IV misdemeanor

any person violating the insurance code

public adjusters

are employed by an insured to protect the insured's interest, usually in respect to property damaged by fire, wind, or other covered perils

life & health agents

authorized to solicit, receive, and forward applications for insurance to their companies, but they generally do not have authority to bind coverage or to alter or modify coverage

Director

the head of the state Department of Insurance

the Director must refuse

to issue nonresident licenses to those whose state or national laws prohibit them from holding those licenses

insurance code

to provide counsel, a person must hold a license as an insurance consultant under the

Cease and desist

to stop or discontinue

Insolvent

unable to meet financial obligations

Insurance producer licenses remains in effect perpetually

unless revoked or suspended and as long as the renewal fees are paid and the continuing education requirements are met

The Director may grant a licensed insurance producer

who is unable to comply with license renewal procedures due to military service or some other extenuating circumstance, such as a long-term medical disability, a waiver of those procedures.

30 days

within ____ the applicant may make written demand to the Director for a hearing on the matter of denial