Insurance Regulation
2 years
producers license valid
2 years
producers need to submit a license renewal application every ________
defamation
_______ occurs when an oral or written statement is made that is intended to injure a person engaged in the insurance business
false financial statements
________ are those that are intended to deceive public officials or the general public about the financial condition of an insurer.
fair credit reporting act
________ established procedures that consumer-reporting agencies must follow in order to ensure that records are confidential, accurate, relevant, and properly used.
consumer reports
__________ include written and/or oral information regarding a consumer's credit, character, reputation, or habits collected by a reporting agency from employment records, credit reports, and other public sources
controlled business
__________ is insurance that covers the producer or producer's immediate family or employer.
business entity
a corporation, association, partnership, limited liability company, limited liability partnership, or other legal entity
twisting
a misrepresentation, or incomplete or fraudulent comparison of insurance policies that persuades an insured/owner, to his or her detriment, to cancel, lapse, or switch policies
30 days
a nonresident producer who moves from one state to another state or a resident producer who moves from this state to another state must file a change of address form and provide certification from the new resident state within _______ days of the change of legal residence
180 days
a temporary license is valid for how many days
18
age to apply for a producers license
$100,000
aggregate fine for unintentional violations of the insurance code
rebating
any inducement offered to the insured in the sale of insurance products that is not specified in the policy
5 years
commissioner will examine each insurer
4 years
commissioners term in office
24 hours
continuing education required for insurance producer every two years
3 hours
continuing education that must be about ethics
10 days
every licensee must notify the Commissioner of any changes to the licensee's residential, mailing, business, or e-mail address or phone number with ________ days of the change
$5000
fine for repeated violations of the approved name regulation
$1000
fine for unintentional violations of insurance code
$250
fine for using unapproved name
$25,000
fine per violation for willful violations of insurance code
30 days
for commissioner to determine whether producer is suitable for appointment
15 days
for commissioner to inform insurer that producer is ineligible for appointment
30 days
if an insurer terminates a producer's appointment, the Commissioner must be notified within _______ days after the effective date of the termination
cease and desist order
if the commissioner has determined that a producer is guilty of engaging in an unfair trade practice or other deceptive act, the Commissioner can issue __________.
producers
individuals or business entities that are licensed to sell, solicit, or negotiate insurance.
unlawful insurance fraud
it is considered ________ for any person engaged in the business of insurance to willfully, with the intent to deceive, make any oral or written statement that contains either false statements or omissions of material fact
25%
maximum amount of business that can be attributed to controlled business
$250,000
maximum fine for all willful violations of insurance code within a 6-month period
insurance companies
producers represent who?
false advertising
representing an insurance policy as a share of stock, or using names or titles that may misrepresent the true nature of a policy also will be considered ____________
180 days
temporary license period
5 years
the Commissioner can examine insurers for solvency and compliance with the insurance code as frequently as deemed necessary, but at least once every _________.
4 years
the commissioner is elected to a term of ___________
30 days
to conduct a hearing
15 days
to file notice of appointment with commissioner
30 days
to notify commissioner of termination of appointment
30 days
to report administrative action or conviction
10 days
to report change of home or business address
