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AZ Ins Regulation

AZ State Health Insurance Regulations

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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