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AZ Ins Regulation
AZ State Health Insurance Regulations
| Question | Answer |
|---|---|
| How old must one be to become licensed? | 18 years old |
| What line of authority does someone need to receive a surplus brokers license? | Property & Casualty |
| Why would the Director issue a temporary license? For how long? | To the surviving spouse, next of kin or personal representative of a deceased or disabled producer. Valid for 180 days |
| When does an individual's producer license expire? | On the last day of the month of the licensee's birthday |
| If not renewed within one year after expiration of license, what must be done? | A renewal fee and $100 late fee must be paid. After one year you must reapply and retest. |
| How long can a license be put on inactive status for active duty service? | The number of days that licensee is in active military service |
| How many Continuing Education hours must one have? | 48 hours; must include 6 hours of ethics training |
| If you change your name or address, how many days do you have to notify the Director in writing? | 30 Days |
| How often must a producer be re-examined? | Every 5 years |
| Who may you share commissions with? | A licensed agent of the company or to a licensed insurance agency having a copy of the license on file with the insurance company with the same lines of authority |
| A producer must keep records for the inspection by the Director of Insurance for how many years? | 3 years |
| How is the date of premium payment determined? | Post mark on envelope |
| At what point are gifts considered rebating? | Anything over $25 |
| How many days does an insurer have to pay a claim after proof of loss? | In AZ, 30 days |
| If a producer is convicted of a Class 6 felony, what crime did they commit? | An act of fraud with the intent to injure, defraud or decieve |
| What is the fine for violating the Free Credit Reporting Act? | $2,500 |
| Define a 1033 waiver. | A waiver that the Director may give to a applicant who has a conviction for fraud, breach of trust or a violation of the Violent Crime Control and Law Enforcement Act of 1994. |
| Who created the National Do Not Call Registry? | The Federal Trade Commission (FTC) and the Federal Communications Commission (FCC) |
| How often must organizations consult the National Do Not Call Registry? | Every 31 days |
| What is the CAN-SPAM Act of 2003? | requires that any commercial email must contain an opt-out mechanism and that all opt-out requests be followed within 10 business days |
| What is the penalty of not following the CAN-SPAM Act? | Fines up to $16,000 and $250 per each noncompliant email with a cap of $2 million dollars |
| What is the Gramm-Leach-Biley Act? | You can not disclose nonpublic personal information to a nonaffiliated third party without permission |
Created by:
jgray2015
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