insurance regulation
do not call list
National do not call registry strict telemarketing rules insurers must consult the current registry every 31 days
what is the civil penalty for the 2nd violation of the pennsylvania insurance fraud prevention act ?
$10,000
what is the civil penalty for the 3rd violation of the pennsylvania insurance fraud prevention act ?
$15,000
what is the civil penalty for the 1st violation of the pennsylvania insurance fraud prevention act ?
$5000
agent regulation
*only one license of the same type is allowed per agent *must be licensed in the line of authority for which the agent transacts insurance. *Avoid unfair trade practices
maintenance and duration
- must be renewed every 2 years -can be reinstated within a short period of time after lapse -continuing education -disciplinary actions
Commisioner of Insurance
.does not write laws regulates the internal affairs of the department of insurance examines all authorized insurers
Forcing a client to buy insurance from a particular lender as a condition of granting a loan is defined as
Coercion
what is not a requirement for producer license renewal
Renewable examination
state regulations
commissioner of insurance agent regulation insurer regulation
Licensing Process
complete prelicensing education pass examination submit application and fees submit fingerprints
how often must the commissioner examine rating organizations
every 5 years
Federal regulation
fair credit reporting act insurance fraud DO NOT CALL LIST privacy: Gramm -leach- billey act
types of licenses
individuals: resident and nonresident business entities temporary license - valid for 180 days; issued to maitain the existing business
Insurer Regulation
responsible for agent appointments must obtain certificate of authority must meet solvency requirements avoid unfair trade practices or unfair claim settings
privacy: gramm-leach-billey act
rules regarding disclosure of nonpublic personal information to nonaffiliated third parties
coercion
use of force to get someone to obey
insurance fraud
willfully and with intent to deceive making false statements or omitting material facts
Fair Credit Reporting Act
Protects consumers against the circulation of inaccurate or obsolete personal or financial information.