Days and Fines

Any person who violates the statutes pertaining to sharing of commissions may be fined an amount between:

$1,000-$5,000 and/or imprisoned for up to 2 years

If anyone not licensed to conduct business in LA accepts monies or commissions related to the insurance that was transacted, he/she is subject to a fine of:

$2,000-$50,000 and/or imprisonment for up to 3 years

An insurance producer who is using a name that has not been approved will be fined up to:

$250

If a producer continues to use an unapproved name after being notified by the Commissioner and 10 days have passed, the producer will be fined up to:

$5,000

If a producer's license has been revoked, the producer may file for another license within how long from the effective date of revocation?

1 year

How many days after being notified by the Commissioner to stop using an unapproved name does the producer have to change the name?

10 days

Up to how many hours of excess CE credits may be carried forward to the next renewal period?

10 hours

Anyone who knowingly makes false material statements and is engaged in the business of insurance whose activities affect interstate commerce may be imprisoned for up to:

10 years

The Commissioner must notify the insurer within how many days when he/she makes the determination that a producer is ineligible for appointment?

15 days

To appoint a producer as its agent, the appointing insurer must file a notice of appointment within how many days?

15 days

If, during any 12 month period, the aggregate commissions earned from the controlled business have exceeded what percent, then the Commissioner will determine that the license has been used solely for writing controlled business

25%

If the Commissioner has received at least how many complaints within what time frame, then he will most likely investigate that producer's business practices

3 complaints within a 30 day time frame

How many hours of CE must be based on ethics?

3 hours

Producers licensed to write property, casualty, or personal lines insurance must include how many CE hours on flood insurance?

3 hours

An insurance producer must report to the Commissioner any administrative action taken against him/her within how many days of the final disposition?

30 days

If a Commissioner charges a producer with violations and that person demands a hearing, it must take place within how many days of the demand?

30 days

Once a replacement policy is issued, the policy owner has how long of a free-look period?

30 days

Upon receipt of notice of appointment, the Commissioner has how many days to ensure that the producer is suitable for such appointment?

30 days

If an insurer terminates a producer's appointment, the Commissioner must be notified within how many days after the effective date of termination?

30 days (15 days for fraudulent activity)

Each insurer must maintain a complete file of advertisements for how many years?

4 years, or the next scheduled examination

The Commissioner can examine insurers as frequently as deemed necessary, but at least once every how many years?

5 years

Annual statements are due to the Commissioner before:

March 1

Quarterly reports to the Commissioner are due before:

May 15, August 15, and November 15