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rules and laws

terms

TermDefinition
Transacting Insurance - Solicitation Advising individual concerning coverage or claims Negotiation Sales
Insurance Contracts Agreement between insured and insurance company, where for consideration, insurance company agrees to indemnify insured for loss by covered events
Insurers also referred to as insurance company or the principal and can be classified in a variety of ways including ownership, authority to transact business, location of domicile (home office), marketing & distribution systems & rating
Unauthorized Insurers No Certificate of Authority.Placing business with unauthorized entity is a violation of the Insurance and can lead to being charged with 3rd degree felony which is punishable by up to 5 yrs in prison & can be held liable for losses sustained by the insure
Authorized Certificate of Authority needed in order to transact business in this state Meets states financial requirements
Financial Services Commission Composed of: Governor, Attorney General, Chief Financial Officer & Commissioner of Agriculture Afforded the flexibility to organize the office in any manner deemed appropriate to promote both efficiency & accountability within the department Appoints Dir
Office of Insurance Regulation (OIR) Responsible for all activities concerning insurers including licensing & certificates of authority, rate, policy forms, premium financing, claims, solvency (bankruptcy), viatical settlements, administrative supervision & other related provisions of the In
Office of Financial Regulation (OFR) Specifically regulates the business of insurance Responsible for all activities of the Financial Services Commission relating to regulation of banks, credit unions, finance companies & securities industry
Created by: kita1506
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