All Law Flashcards
(25 cards)
Which of the following determined that federal antitrust laws would apply to insurance but only to the extent that state regulation was not effective?
Public Law 15
Which policy determines that insurance isn’t interstate commerce and that the Feds have no authority to regulate it
Paul v. Virginia
Which case determined that insurance is interstate commerce and is subject to antitrust laws
U.S. v. South-Eastern Underwriters Association
The commissioner of the department of banking and insurance(DOBI) is appointed by
the Governor
The commissioner has power to do all of the following EXCEPT A. Conduct investigations B. Issue subpoenas C. Issue search warrants D. Interrogate licensees
Issue Search Warrants
Whenever the commissioner requests a public hearing, how many days after notice must it be scheduled?
At least 10 days
How many days within the Commissioner’s final order does an intervenor have to appeal a decision
30 days`
As a penalty, the commissioner may do all of the following EXCEPT A. Revoke a producers license B. Issue a cease and desist C. Execute a producer D. Impose a fine
Execute a producer
A person failing to comply with a subpoena from the commissioner may be charged with
Contempt
The governing body of a mutual insurer is elected by
Policyholders
What is issued to an insurer by the commissioner demonstrating it’s authority to transact insurance business in the state
Certificate of Authority
In order for an insurer to execute an extended reinsurance transaction, what is required?
Written permission from the Commissioner
Which of the following lines of authority has to fulfill CE requirements in order to renew their license?
Health, Life, Casualty
Which of the following persons could be an insurance consultant Former salesman Bank trust officer Attorney CPA
Former Salesman
A producer wishing to appeal the final order of the commissioner would appeal to the
Superior Court
Which of the following producers does not need to satisfy CE requirements
nonresident
Which professional designation qualifies an applicant for exemption for pre-licensing education requirements for a life producer license
CLU
In order to obtain a NJ resident insurance producer license, the commissioner must confirm that the individual meets all but THIS requirement
At least 19 years of age
A commissioner does not need THIS to happen in order to issue a nonresident license:
Applicant must pass a state exam in their line of authority
When applying for a producer’s license, an applicant must have passed the state licensing exam within how long of their application date
12 months
When applying for a producers license, how long can an applicant wait to complete a prelicensing course in the application period?
24 months
After an applicant successfully passes the state exam and is given the certificate of authority, how long do they have before the certificate expires?
60 days
Upon cancellation of an agency contract with a producer, the insurer must give written notice to the commissioner within how many days?
15 days
What is the maximum time a temporary insurance license may be issued for by the commissioner in a special circumstance case, such as the death of a producer and he spies being granted a temporary license?
180 days
