Life Insurance legislation

Life settlement broker

a person who, on behalf of an owner and for a fee, commission or other consideration, attempts to negotiate a life settlement contract between an owner and provider

An insurance producer shall not act as an agent of an insurer unless the insurance producer becomes...

an appointed agent of that insurer

Portable electronics insurance'

insurance providing coverage for the repair or replacement of portable electronics

Licensees shall inform the commissioner of a change of...

address within 30 days of the change

An insurance producer who is not acting as an agent of an insurer is not required to...

become appointed

Public insurance adjusters are specially licensed to deal with

fire losses

The commissioner shall notify the applicant or licensee and advise, in writing, the applicant or licensee of the reason for the denial or nonrenewal of their license. The applicant or licensee may demand within 30 days a...

hearing before the commissioner to determine the reasonableness of the action

The commissioner may place on probation, suspend, revoke, levy a civil penalty or...

refuse to issue or renew an insurance producer's license

Reinsurance intermediary collectively

reinsurance intermediary brokers and reinsurance intermediary managers

If upon complaint, examination or other evidence exhibited to the Commissioner and he is of the opinion that any insurance laws have been violated, he shall...

report the facts to the attorney general or to the proper district attorney who shall cause the offender to be prosecuted

An insurer or authorized representative of the insurer that terminates the appointment, employment, contract or other insurance business relationship with a producer shall notify...

the commissioner within 30 days following the effective date of the termination

An individual insurance producer who allows his license to lapse may, within 12 months from...

the due date of the renewal fee, reinstate the same license without the necessity of passing a written examination, but a penalty in the amount of double the unpaid renewal fee shall be required for any renewal fee received after the due date.

A person shall not sell, solicit or negotiate insurance in the commonwealth for any class or classes of insurance unless

the person is licensed for that line of authority

A producer shall report to the commissioner any administrative action taken against the producer in another jurisdiction or by another governmental agency in the commonwealth...

within 30 days of the final disposition of the matter

The commissioner may place on probation, suspend, revoke, levy a civil penalty or refuse to issue or renew an insurance producer's license for any of the following reasons

(1) providing incorrect, incomplete or materially untrue information in the license application; (2) violating any insurance laws (3) obtaining or attempting to obtain a license through fraud; (4) improperly withholding, misappropriating any monies or properties received in the course of doing insurance business; (5) intentionally misrepresenting the terms of an actual or proposed insurance contract or application; (6) having been convicted of a felony; (7) having admitted or been found to have committed any insurance unfair trade practice; (8) using fraudulent, coercive or dishonest practices, or demonstrating incompetence, untrustworthiness or financial irresponsibility in the conduct of business; (9) having an insurance producer license, or its equivalent, denied, suspended or revoked in any other location; (10) forging another's name to any document related to an insurance transaction; (11) improperly using reference material to complete an insurance license exam; (12) knowingly accepting insurance business from an unlicensed individual; (13) failing to comply with an administrative or court order imposing a child support obligationr (14) failing to pay state income tax

Unless denied licensure a nonresident person shall receive a nonresident producer license if..

(1) the person is currently licensed as a resident and in good standing in his home state; (2) the person has submitted the proper request and has paid the fees (3) the person has submitted to the commissioner the application they submitted to their home state, or a completed uniform application; and (4) the person's home state awards nonresident producer licenses to residents of the commonwealth

The commissioner may issue a temporary insurance producer license for a period not to exceed 180 days without requiring an examination if the commissioner determines that the temporary license is necessary for the servicing of an insurance business in the following cases

(1) to the surviving spouse of a licensed insurance producer who dies or becomes disabled to allow time for the sale of thebusiness (2) to a member of a business entity licensed as an insurance producer, upon the death or disability of an individual designated in the business entity license; (3) to the designee of a licensed insurance producer entering service in the US armed forces or (4) in any other circumstance where the commissioner deems that the public interest will best be served by the issuance of this license.

The commissioner may issue a temporary insurance producer license for a period not to exceed _________ without requiring an examination if the commissioner determines that the temporary license is necessary for the servicing of an insurance business

180 days

NAIC

National Association of Insurance Commissioners

Reinsurance intermediary manager

any person, firm, association or corporation who has authority to bind or manages all or part of the assumed reinsurance business of a reinsurer, and acts as an agent for such reinsurer

Reinsurance intermediary broker

any person, other than an officer or employee of the ceding insurer who solicits, negotiates or places reinsurance cessions on behalf of a ceding insurer without the authority to bind reinsurance on behalf of such insurer

The commissioner may by order limit the authority of

any temporary licensee in any way considered necessary to protect insureds and the public.

the minimum value for a life settlement contract shall be greater than...

a cash surrender value or accelerated death benefit available at the time

Within 30 days of the initial pretrial hearing date, a producer shall report to the commissioner...

any criminal prosecution of the producer taken in any jurisdiction.

Life settlement contract

a written agreement entered into between a life settlement provider and an owner, establishing the terms under which compensation shall be paid, which compensation is less than the death benefit of the insurance policy or certificate, in return for the owner's transfer, of the death benefit or any portion of an insurance policy of insurance for compensation

If the reason for termination is one of the reasons for which a the commissioner may choose to suspend, revoke, refuse to renew or take other disciplinary action against the producer, the insurer shall provide...

additional information, documents, records or other data pertaining to the termination or activity of the producer upon the written request of the commissioner.

A licensed insurance producer who is unable to comply with license renewal procedures due to military service or some other extenuating circumstance may...

request a waiver of those procedures. The producer may also request a waiver of any examination requirement or any other fine or sanction imposed for failure to comply with renewal procedures.

Any "special" insurance policy shall contain the following disclosure notice to the policyholder:

This policy is insured by a company which is not admitted to transact insurance in the commonwealth, is not supervised by the commissioner of insurance and, in the event of an insolvency, a loss shall not be paid by the Massachusetts Insurers Insolvency Fund

An insurance producer doing business under any name other than the producer's legal name is required to

notify the commissioner prior to using the assumed name

A business entity acting as an insurance producer is required to obtain an insurance producer license. Before approving the application, the commissioner shall find that?

the business entity has paid the fees and the business entity has designated a licensed producer responsible for the business entity's compliance with the insurance rules and regulations of the commonwealth

An insurance producer license shall remain in effect unless revoked or suspended as long as...

the fee is paid and education requirements for resident individual producers are met by the due date.