Insurance Regulation by the Numbers
DOI - Waiting period before rate filings go into effect
30 days
How long is the open-enrollment period under an employer group health insurance plan?
30 days
How long to notify the Department (DOI) of change of address
30 days
How long to provide a response to DOI's inquiry
30 days
How long to report action are against producer in another jurisdiction or charges of criminal conduct
30 days
The minimum number of credits required for partially insured status for Social Security disability benefits is
6 credits
What are the permissible calling hours for telemarketers?
8am until 9pm
How long after moving to Pennsylvania for nonresident to become licensed as a resident
90 days
How soon after the due date should the insurer pay the agent appointment fees?
Within 30 days
Civil penalty for each unintentional violation of insurance laws regarding unfair methods of competition
$1,000
Fine per day for failure to correct any violation
$100
License fee for nonresident insurance producers
$110
Lapsed license fee
$165
What is the maximum penalty for habitual willful noncompliance with the Fair Credit Reporting Act?
$2500
Aggregate penalties for intentional violations within 6 months
$50,000
HIPAA applies to groups of
2 or more
In order to maintain coverage under COBRA, how soon from termination of employment must an employee exercise extension of benefits?
60 days
For how long must a company maintain a complete file of all advertisements used?
At least 4 years
When is the annual open enrollment for state insurance exchanges?
November 1 through January 31
What is the civil penalty for the first violation of the Pennsylvania Insurance Fraud Prevention Act?
$5,000 ($10,000 for second, and $15,000 for every subsequent)
Civil penalty for each intentional violation of insurance laws regarding unfair methods of competition
$5000
License fee for resident insurance producers
$55
How long to reinstate a lapsed license with current effective date?
1 year
DOI - Hearing on rate filing after insurer is informed of disapproval
10 days
DOI - written notice of a hearing for a person suspected of prohibited behavior
10 days
to avoid violations of unfair claims settlement regulations, insurers are required to acknowledge the receipt of a claim within how many days?
10 days
Any licensed person whose activities affect interstate commerce and who knowingly makes false material statements related to the business of insurance may be imprisoned for up to
10 years
How long to correct the violation if a person failed to respond to the DOI's inquiry within 30 days
15 days
Age requirement for resident producer license
18
Temporary producer's license valid without written examination
180 days
License Renewal Period
2 years
How much continuing education may be carried to the next renewal period?
24 hours
How much continuing education required every 2 years
24 hours
An insured has Medicare Part D coverage. Upon reaching the initial benefit limit, what percentage of the prescription drug cost is the insured responsible for paying?
25%
How many days must the insurer inform the applicant about the request of an investigative consumer report?
3 days
Ethics education included in pre-licensing education requirements
3 hours
DOI - For Commissioner to approve or disapprove changes to a form
30 days
Employer health plans must provide primary coverage for individuals with end-stage renal disease before Medicare becomes primary for how many months?
30 months
If a consumer requests additional information concerning an investigative consumer report, how long does the insurer or reporting agency have to comply?
5 days
What is the elimination period for Social Security disability benefits?
5 months
DOI - Commissioner will examine each insurer
5 years
Maximum value of a gift that an agent can give to an insured without violation the regulation on rebating?
Promotional materials or articles of merchandise that have a redeemable value of $100 or less are not considered "valuable consideration"
The purpose of the Gramm-Leach-Bliley Act is to:
Protect private customer information filed with a financial institution
Insurance producers that do not have company appointments are considered a/an
Representative of the consumer - Broker
An individual was just caught acting as an exclusive general agent - even though he is not properly licensed. Assuming that this occurred in a single day, what is the maximum penalty he faces?
A third-degree misdemeanor and a $1,000 fine
