Quiz Insurance Regulation

The following are all causes for the Insurance Director to suspend or impose conditions upon the continuance of a producer's license EXCEPT

Evidence that the producer is a poor personal credit risk. (Does include Misappropriation or illegal withholding of the policyholder's money. Obtaining a license through fraud. Conviction of a felony involving moral turpitude. Evidence that the producer is a poor personal credit risk.

If a married woman wishes to transact insurance under her maiden name, what must she do in order to be legal?

File papers with the Director stating she will be operating under an assumed business name.

Which of the following is designed to protect security and confidentiality of nonpublic information and the security of the information system?

Information security program

The Gramm-Leach-Bliley Act was passed to

Protect private customer information filed with a financial institution.

An insurance policy or countersignature endorsement must be signed by any of the following EXCEPT

Director of Insurance (Includes: Licensed insurance producer. Bail bond agent. Managing general agent.)

All of the following are requirements for producer license renewal EXCEPT

Renewal examination (Does contain Continuing education, Renewal fees, Record of fingerprints.)

Insurance institutions and producers must provide notice of their information gathering practices to applicants and policyholders no later than

The time the policy is delivered

Producers are required to keep records of insurance transactions for what time period?

3 years All producers must keep records of all transactions for 3 years. This requirement also applies to business entities acting as producers.

The producer or broker must keep at the place of business the usual and customary records pertaining to insurance transactions for at least

three years.

How many days after initial pretrial hearing date, does an insurance producer have to report any criminal prosecution to the Director?

30 days The report must include a copy of the initial complaint filed, the order resulting from the hearing and all other relevant legal documents.

If a property or casualty producer has less than 2 years left on his or her existing license, what percentage of the surplus lines broker license fee will producer be charged for an additional of that license?

50% A licensee adding surplus lines broker authority to his or her license will be charged half the fee if the licensee has less than two years left on the existing license at the time of the Director receives the application.

How many credit hours of ethics training are licensed resident producers required to complete every licensing period?

6 hours.

According to the NAIC Insurance Data Security Model Law, licensees are required to report cybersecurity events to the state insurance department within what time period of discovery?

73 hours

The 30 day payment of claims requirement applies to which of the following persons?

A state worker filing a personal injury claim

Which of the following would not be accepted as a document showing that an applicant for a license is in the United States legally?

A valid credit card with a major United States credit company