Chapter 10 Chart Flashcards
(19 cards)
What is the term of office for the Commissioner of Insurance?
2 years
What experience is required before applying to become the Commissioner?
5 years of administration, attorney, or CPA experience
How long does an agent have to request a hearing after receiving a cease and desist order?
60 days
What is the time frame for the Commissioner to hold a hearing after receiving a request?
30 days
When is an emergency cease and desist order considered final?
61 days if no hearing is requested
How often must the Commissioner conduct annual examinations of authorized insurers?
Every 5 years
What is the minimum required age for licensing?
18 years
How long are the results of the licensing examination valid?
12 months
What is the maximum duration of temporary licenses?
180 days
What is the duration of the reporting period?
2 years
How long after license revocation or denial can another application be filed?
5 years
How long after a felony conviction for breach of fiduciary duty can another application be filed?
5 years
What is the duration of an agent’s license?
2 years
How long do agents have after the license renewal date to pay fees and complete CE?
90 days
How many hours of CE must be completed during each reporting period?
24 hours
What is the minimum requirement for ethics training?
3 hours
What is the maximum agent licensing fee?
$50
What is the maximum fine for violating the Insurance Code?
$25,000
What is the fine for willful violation of the Fair Credit Reporting Act?
$2,500
