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28 Cards in this Set
- Front
- Back
How is the Insurance Commissioner appointed?
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appointed by the governor and subject to confirmation by the senate
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When does the Commissioner require insurers to file an annual report?
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annually by March 1st
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How often must the Insurance Commissioner examine the financial condition of insurers?
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a minimum of once every 5 years
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Who may amend insurance laws?
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th insurance commissioner
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What is the penalty for negligent violations?
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-$3000 per single violation
-maximum aggregate of $30000 in a 12 month period |
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What is the penalty for willful violations of an insurer?
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-$30000 per single violation
-maximum aggregate of $750000 in a 12 month period |
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What is the penalty if an insurer violates a cease and desist order?
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$10000 for each and every act and/or $25000 for violations regarding unauthorized insurance
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What is the penalty if a producer violates a cease and desist order?
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$500 for each and every act
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What are the licensing requirements for an individual producer?
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-must be at least 18 years old
-must satisfy the requirement of 90 hours of pre-license training (for L & H) |
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What are the requirements for agency producers?
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-must register at least 1 individual who holds a valid producer's license who is responsible for compliance
-disclosure of all agency officers, partners, and directors -registration of each individual producer who is soliciting insurance on behalf of the agency -registration of the trade name |
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How often must insurers renew producer appointments?
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every 2 years
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How long does a producer have to inform the Division of Insurance of a name or address change?
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within 30 days of change
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When must premium tax revenues be paid to the State?
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by March 1st
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When are surplus lines insurance reports due to the division of insurance?
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by the 15th of the following month
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What is the surplus lines premium tax rate?
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3%
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How long does an insurer have to refund any unearned premium to the producer or client when a policy such as health, auto, or fire is cancelled?
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within 45 days
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How long does a producer have to refund any unearned premium to the client when a policy such as health, auto, or fire is cancelled?
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within 30 days
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How long does a producer have to remit premiums from a client to the insurer?
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within 45 days of receipt
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After 1st renewal, what are the continuing education requirements for producers?
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24 hours of approved continuing education every two years of which three hours must be in ethics
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When do licensees have to comply with the continuing education requirements?
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at their second license renewal date
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What are the continuing education requirements for producers marketing long-term policies?
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-a one time 16 hour course on long-term care including 8 hours held in a classroom setting
-CE requirements include 5 hours of classroom education in long-term care |
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What are Unfair Trade Practices?
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-coercion
-misrepresentation -unfair discrimination -controlled business -defamation |
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What is replacement to the detriment of your client called?
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twisting
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What does the Guaranty Fund cover?
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the pending claims and unearned premiums of an insolvent insurance company
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What can't be based on marital status or gender?
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health insurance
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What are the possible penalties for defamation?
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a find of not more than $500 or by imprisonment in the county jail for not more than 12 months, of by both such fine and imprisonment.
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When must an admitted insurance company submit their Anti-Fraud plan?
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Annually by March 15th
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Where must the CO Fraud Statute appear?
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Application, policy and claim forms
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