Both Flashcards
(28 cards)
What is the maximum daily fine of a Cease and Desist Order Violation?
$100 per day
What is the maximum total penalty of a Cease and Desist Order?
$5000
The Director must examine an insurer once every ___ years
5 years
What is the maximum fine for an insurer refusing to submit to an examination from the Director?
$2000
Companies may request hearings within how many days of receiving an examination report?
10 days
Producer may request hearings within how many days upon receiving a report?
14 days
What is the maximum fine for violating a written order issued by the Director?
$20,000
How many days do applicants have to pass both parts of the licensing exam?
90 days
How many days do you have to report change of address to the Director?
30 days - same for resident & nonresident
How many days can a temporary non-producer license be issued?
180 days
To whom can a temporary non-producer license be issued?
A surging spouse, business partner, or employee
How many days may a temporary producer license be issued?
90 days
What is the minimum age to obtain a producer’s license?
18 years-old
What are the fees to obtain or renew a domestic Illinois producer’s license?
$215
What are the fees to obtain or renew a non-resident license?
$380
How many classroom hours are required to qualify for an insurance license?
7.5
How many hours of study are required to get a license?
20 hours
How many total CE hours are required for each two-year licensing period?
24 credit hours?
How many hours of ethics are required?
3 hours of IN PERSON ethics
If the license lapses, how many months do you have to reinstate?
12 months or you have to do it all over again next year
What is the civil penalty for each Insurance Licensing violation?
$10,000 maximum for each
What is the maximum civil penalty for all causes of Insurance Licensing violation TOTAL?
$100,000 maximum penalty
How many days do producers have to report felony convictions?
30 days
Maximum penalty for unfair claims practices
$250,000 penalty
