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18 Cards in this Set
- Front
- Back
- 3rd side (hint)
Commissioner's powers and duties |
Execute the duties imposed upon him by the code Enforce the provisions of the code Exercise all powers granted by the code Conduct any examinations or investigations expressly authorized by the code Additionally the Commissioner may adopt reasonable regulations for the administration of the code |
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Fine for unauthorized transactions |
Commissioner may impose an administrative fine of up to $10,000 for each violation |
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Examinations |
Commissioner may examine the records and affairs as often as he sees fit determining its financial condition and compliance with the law he must do so at least every 5 years |
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Notice and hearings |
Commissioner may hold a hearing to determine whether an insurer has engaged in unsuitable conduct. Hearing must be held within 30 days after the application is filed. A report must be made within 60 days after the person knew or reasonably should have known of the act or order |
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Order on hearing |
The Commissioner is required to decide a course of action and deliver an order on the hearing within 30 days after termination of a hearing |
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Denial suspension or revocation of license |
If the Commissioner denies an application he must notify the applicant. The applicant may then apply for a hearing. The hearing must be held within 30 days. |
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Administrative fines |
In addition to or in lieu of denial, suspension or revocation of or refusal to renew a license an administrative fine of not less than $25 nor more than $500 may be imposed for each violation |
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If the Commissioner believes that an insurer is engaging in an unauthorized conduct he may |
Seek injunctive relief from the district court and an administrative fine issue a statement of charges and notice of hearing or issue a cease and desist order |
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Guaranty associations |
Exist to detect and prevent insurer insolvencies and promptly pay claims arising out of policies issued by member insurers that are insolvent and unable to pay claims |
NLHIGA Nevada Life and Health Guaranty Association |
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Nevada Life & Health Insurance Guaranty Association |
NLHIGA may guarantee assume or reinsure any or all of the insurance covered policies. May provide such money to accomplish the contractual obligations of the impaired insurer |
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Insolvent insurer |
An insurer authorized to transact insurance in Nevada but is subject to a court's final order of liquidation or involved in judicial proceeding and the court has issued an order prohibiting it from paying claims for more than 30 days |
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Nevada Insurance Guaranty Association |
Pays covered claims under property and casualty insurance policies |
NIGA |
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Claims not covered |
Any claim filed more than 18 months after the date of the order of liquidation first or third party claim brought by or against an insured if the insured aggregate net worth is more than 25 million dollars on December 31st |
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Obligations of NIGA |
Must pay covered claims but its obligation is limited to the payment of the entire amount of the claim if claim is for workers compensation 300,000 per policy if claim is for return of unearned premiums or limit specified in a policy or 300,000 whichever is less |
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NIGA members assessments |
assessment is capped at 2% of net direct written premiums |
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An impaired insurer |
is an insurer that is not insolvent but is placed under an order of rehabilitation or conservation by a court. |
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If an unauthorized insurer fails to pay any claim within the provisions of an insurance contract, any person who assisted in the procurement of the contract is liable to the insured for |
the full amount of the claim. |
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Special Investigative Account |
Find the program established by commissioner to investigate insurance fraud. |
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