MINNESOTA LAWS, RULES, AND REGULATIONS COMMON TO LIFE, HEALTH, PROPERTY, AND CASUALTY INSURANCE
10 working days
Agent Conduct A producer who is convicted of a felony, gross misdemeanor, or misdemeanor involving moral turpitude must report it to the Commissioner within ____ _________ ______ of the conviction.
10 days
Agent Conduct A producer who receives a policy cancellation request must make or initiate the refund within ____ _______ of the request.
six years
Agent Conduct Financial and complaint records must be kept on file for _____ ________.
30 working days
Agent Conduct Policies must be delivered or mailed to the insured within _____ ________ ______ of the producer's receipt from the insurer.
six years
Agent Conduct Producers may accept a loan from an individual with whom the producer met in the course of the producer's business, provided the loan agreement is in writing. All records relating to the loan must be kept on file for at least _____ ________ after repayment.
15 days
Appointment A licensed insurance producer shall not transact insurance business on behalf of an insurer unless the producer has the insurer's permission to transact business on its behalf and obtains an appointment within ____ ______ after submitting the first application to the insurer.
15 days
Appointment To appoint a producer as its agent, the insurer must file a notice of appointment within ____ ______ from the date the agency contract is executed or submission of the firsts insurance application.
five days
Appointment Upon receipt of the notice of appointment, the Commissioner will verify within 30 days that the producer is eligible for appointment. If the producer is ineligible for appointment, the Commissioner shall notify the insurer within ______ ______.
half
Continuing Education Only ______ the credit hours may be obtained through company-sponsored courses.
24 credit hours
Continuing Education Producers must complete a minimum of ____ _________ ________ of commissioner-approved courses during each two-year licensing period. At least THREE of those hours must be in a class or classes in the are of ethics.
fraternal benefit society
Definitions A _____________ ____________ ____________ is not for profit and exists solely for the benefit of its members.
Admitted Carrier
Definitions An insurance company that has obtained a certificate of authority.
Foreign
Definitions Any company that is incorporated or organized in another state that does business in Minnesota.
Domestic
Definitions Any company that is incorporated or organized in the state of Minnesota.
certificate of authority
Definitions Insurance companies must obtain a ______________ ___ ____________ to transact business in the state of Minnesota.
seven years
Fair Credit Reporting Act Most adverse information remains in a credit report for ________ ________. Bankruptcy information remains in the report for 10 years.
72 hours
Guaranty Association The notice of policyholder rights must be given either at the time of application; if the application is not taken in person, notice must be sent within _____ _________ of taking the application, or may be given at delivery.
three years
Insurance Company Conduct Claim records must be retained for _______ _________ after the claim is paid or declined.
four years
Insurance Company Conduct Complaint records must be retained for _______ ________ after the complaint is made and must contain adequate information for easy retrieval.
three years
Insurance Company Conduct Policy forms, applications, and advertising must be retained for _______ ________ after the effective date.
30 days
Insurance Company Conduct Upon policy termination, all unearned premium must be delivered to the insured within ____ _______ following the insurer's receipt of the insured's cancellation request.
12 months
License Expiration Initial licenses issued to an individual producer on or after August 1, 2010 are valid for at least _____ ________, but not more than 24 months.
last day of the producer's birth month
License Expiration Subsequent license periods are two years, and the license expires on the _____________________________.
last day of the birth month
License Expiration The license expires on the _____________________ within that 12- to 24-month period of initial validity.
24 months
Maintenance and Duration of License Insurance producer licenses are valid for a period of ____ _________.
30 days
Notification Requirements The producer must notify the Commissioner of any administrative action taken against the producer in another jurisdiction, or by another Minnesota governmental agency within ____ _____ of the final disposition of the matter.
30 days
Notification Requirements The producer must notify the Commissioner of any criminal prosecution against the producer in any jurisdiction. This notification shall be made within ____ ______ of the initial pre-trial hearing date.
10 days
Notification Requirements The producer must notify the Commissioner within ____ _______ of a change of name, address, or any other information that was provided on the initial license application.
10 days
Notification Requirements The producer must notify the Commissioner within ____ _______ of any conviction, guilty plea, or plea of no contest to any felony, gross misdemeanor, or misdemeanor involving moral turpitude.
60 days
Powers and Duties of Commissioner All accident and health policies must be filed with the Commissioner at least ______ ________ prior to use.
$10,000 for each day
Powers and Duties of Commissioner Any person who violates or aids and abets any violation of a written order may be fined up to _______________ the violation continues.
Governor
Powers and Duties of Commissioner Appoints the Commissioner of Commerce
30 days
Powers and Duties of Commissioner If the insurer (or producer) disagrees with the Commissioner's findings, the insurer (or producer) has the right to request a hearing within _____ ________ of the order. Once the hearing has been requested, the Commissioner has another 30 days to hold the hearing.
examination report
Powers and Duties of Commissioner Once the records have been examined, the Commissioner will issue an _____________ _____________. Once issued, this report can be used as evidence in any legal proceeding.
enforce insurance laws
Powers and Duties of Commissioner The Commissioner is empowered to_________________. (1 of 8 things)
five years
Powers and Duties of Commissioner The Commissioner shall examine the affairs and conditions of every insurer licensed in Minnesota at least once every ________ ________.
the company being examined
Powers and Duties of Commissioner When conducting an examination, the Commissioner may retain attorneys, appraisers, independent actuaries, or independent certified public accountants as examiners; the cost is paid by_______________.
three years
Prelicensing Exam results are valid for ________ ________ from the date of the exam.
two years after
Prelicensing Minnesota law now requires both resident and nonresident accident/health insurance producers selling long-term care policies in Minnesota to complete a one-time, eight-hour partnership course and a four-hour refresher course every ________ _______ _________ the initial training.
12 months
Reinstating a Lapsed License An individual producer whose license lapses may, within _____ _________ from the due date of the renewal fee, reinstate the license without having to pass a written exam.
Gramm-Leach-Billey Act
Required Disclosures Requires insurance companies to disclose their privacy policy, and how a customer's personal (non-public) information may be used and shared with affiliates and third parties. The Act requires companies to provide their privacy policy when a policy is issued, and at least once a year thereafter.
Guaranty Association
Required Disclosures The purpose of the Minnesota Insurance ____________ ______________ is to protect policyholders from an insurer's inability to pay claims due to insolvency or bankruptcy.
suspended
Revocation or Suspension of License A license is ____________ for any period of not less than THREE months.
two years
Revocation or Suspension of License A person whose license is REVOKED is prohibited from license reapplication for at least ______ ________ from the effective date of the revocation.
$20,000
Revocation or Suspension of License As a condition of reapplication the producer must obtain a performance bond of at least _________ with the state of Minnesota as obligee.
$10,000 per violation
Revocation or Suspension of License In addition to taking action against a producer's license, the Commissioner may fine a producer up to __________ _____ ___________.
30 days
Termination of Appointment An insurer that terminates a company appointment for any reason must notify the Commissioner within ____ _____ following the effective date of the termination.
$25 per offense
Termination of Appointment Any insurer that fails to file a company appointment is penalized _____ _____ _________.
10 days
Termination of Appointment If the insurer fails to pay a penalty within _____ _______ after notice from the Commissioner, the insurer's authority to transact business in Minnesota will be revoked until the penalty is paid.
$300
Termination of Appointment The maximum penalty per unappointed producer ______.
15 days
Termination of Appointment Within ____ ______ of notifying the Commissioner, the insurer must send written notice of the termination to the producer.
30 days
Termination of Appointment Within ____ _______ after receiving notice of the termination, the producer may file written comments concerning the termination with the Commissioner.
Rebating
Trade Practices Offering or giving any rebate of premiums, dividends, stock, bonds or securities, or anything else of value as an inducement to buy insurance.
Twisting
Trade Practices Replacing insurance to the detriment of the insured.
10 days
Types of Licenses A nonresident producer who moves from one state to another must file a change of address and provide certification from the new resident state within ____ ______ of legal residence. No fee or license application is required.
Managing General Agent (MGA)
Types of Licenses Hires producers, supervises a territory, is responsible for agent activities, and must be licensed as an insurance producer.
18 years old
Types of Licenses You must be ______ ________ _____ to obtain a producer's license.
30 days
When Commissioner non-renews or denies a license application The hearing must be held within _____ _______, and will be in front of an administrative law judge.
30 days
When Commissioner non-renews or denies a license application The license applicant or licensee has ____ _______ to file a written request for a hearing to determine the reasonableness of the Commissioner's action.
