Insurance Regulations
How long does a licensee have to notify the Superintendent of a change of address?
30 Days
If a hearing is scheduled for a producer who has violated regulations regarding unfair trade practices, the Superintendent must send a prior notice within how many days of the hearing?
10 Days
The Superintendent will not renew an agent or broker's license upon finding that the license has been used to write controlled business. Which of the following would be a violation of controlled business practices?
15% of the agent's annual commission is from business sold to the agent's family.
Which of the following is NOT a justifiable reason for the Superintendent to revoke, suspend, or refuse to renew a license?
A licensee does not sell enough policies to reach his financial goals.
In this state a temporary license may be issued for all of the following reasons EXCEPT
An agent's retirement.
In order for a nonresident licensee to become a resident producer in New York, the licensee must
Apply within 90 days of becoming a resident.
An insurance producer just sold an insurance policy to his sister. What kind of business is this?
Controlled
Which of the following is NOT a qualification for licensing as an insurance producer in this state?
Have a letter of recommendation attesting to the applicant's trustworthiness
An agent has recently changed his email address. What must the agent do to comply with the regulation for change of address?
Inform the Department within 30 days
An insurance agent was born in 1973. He obtained his New York insurance license in 2008. When will the agent's license expire?
On the agent's birthday every odd-numbered year
The Federal Fair Credit Reporting Act
Regulates consumer reports.
For which of the following reasons can a temporary license be issued?
To service the existing business
All of the following are true about the Insurance Frauds Prevention Act EXCEPT
Every insurer must file a fraud prevention plan within 150 days.
The New York Superintendent has the responsibility to make sure each entity transacting insurance in this state remains solvent. Insurers are required to file a statement with the Superintendent
Annually on or before March 1st.
Which of the following is NOT a prerequisite for an insurance license in New York?
Be at least 21 years of age