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Regulations/Requirem

QuestionAnswer
A person may demand a hearing within ____ days after mailing oh Commissioner's order 30 days
Commissioner must hold hearing within ___ to ___ days of request 10 to 60 days
Failure to comply with the Commissioner's order may result in a penalty of up to $___ per day $5,000
For a aggrieved person to request a re-hearing? 20 days
For commissioner to act on a petition before it is considered denied? 20 days
To comply with an order before a penalty is issued? 2 weeks
Minimum age to apply for insurance license? 18
Required prelicensing education 20 hours
Maximum period for a temporary license 1 year
Appointments are effective prior to being entered in the licensing system 15 days
To notify agent of termination of appointment 15 days
To notify Commissioner of termination of appointment 30 days
No pre-licensing education required if license held in another state for the same line of authority 12 months
Maximum amount of net premium billed annually for examination costs 1%
Billing of exam costs, annually March 1
To pay costs of additional exams after being served with account of class 10 days
Minimum time to keep records 3 years
To notify the commissioner of a change of address 30 days
To report a change in intermediary status or felony or misdemeanor conviction 30 days
Maximum imprisonment for person violating insurance code 3 years
Of continuing education every 2 years 24 hours
CE courses in Ethics 3 hours
Agents must keep records of CE completion 4 years
Before person whose license has been revoked can reapply 5 years
After receipt of request, for insurer to supply insured with a copy of the application 15 working days
Minimum required Flesch score for Medicare supplement policies 50
Minimum required Flesch score for all other policies (not Medicare supplement) 40
Advance notice to the policyholder for mid-term policy cancellation 10 days
Notice to insured when canceling a policy in effect for more than 1 year 60 days
After time required by policy for insured to send proof of loss 1 year
After notice, unpaid claims considered overdue 30 days
Annual interest rate on overdue claims payments 12%
Tax paid by policyholders collected by Surplus lines agents 3%
Time period to determine commissions from controlled business 12 months
Minimum risk with 1 insurer in 1 year to be considered more than occasional exchange of business 5
Minimum placed risks with ALL insurers in 1 year to be considered more than occasional exchange of business 25
Maximum amount of compulsive forfeiture of noncompliance with an order $5,000
Maximum fine per day for violation of an order $1,000
Maximum fine for a firm whose agent has committed a violation $1,000
Maximum total penalty for person violating Insurance statues $5,000
Maximum penalty for violation of Statute by a corporation $10,000
Amount of bond that may be required for Surplus lines Agents & Brokers $100,000
General filing fees for insurers, rate service organizations, and motor clubs $400
Filing fee for licensees for gift annuities, continuing providers, and surplus lines $100
Filing fees for articles, copies of Articles, and corporate name reservations $25
Filing fee for articles of merger and annual statements $100
Biannual regulation fee for Resident producers $35
Biannual regulation fee for non-resident producers $70
Claims for chiropractic care must be paid within how many days after the insurer recieve clinical documentation from the chiropractor? 30 days
Created by: cruttner