Insurance Regulations (Law Ch. 1) Flashcards Preview

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Flashcards in Insurance Regulations (Law Ch. 1) Deck (13)
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1
Q

Order

A

Oral or written action by a state or agency directed to one or more named persons outside the agency.

2
Q

Final Order

A

Expressed in writing issued by the director

3
Q

Cease-and-Desist

A

When a person engages in or is going to engage in a violation of the code. Allows a person to continue to doing business but orders them to stop the violation

4
Q

If a hearing is requested

A

It will be held within 30 days after the receipt of the request. At least 7 days prior notice is given.

5
Q

Hearings

A

The director may administer oaths and affirmation, subpoena witness, compel attendance, take evidence, require person being investigated to produce all relevant records.

6
Q

Penalties

A

Director may refuse to issue or renew a license. Suspend a license or revoke a license.

7
Q

Civil Penalty

A

(a Fine) against a licensee for a violation of the code, a rule or order of the director or a court judgment or decree.
$10,000 for a company
$1,000 for an individual
A second penalty of up to the amount by which the violator profited may be added.

8
Q

General Fund of the State Treasury

A

Civil Penalty payments are made to this association. If the order is not paid within 10 days of the end of the hearing, the court may make the penalty a lien on any property owned by the violator.

9
Q

Criminal Penalty

A

Any info known to be materially false or misleading.

Individual may be imprisoned in county jail for up to 1 year and fined $1,000.
A company may be fined up to $10,000

10
Q

Oregon Life and Health Insurance Guaranty (The Association)

A

Pays claims arising from individual or group life or health insurance policies

11
Q

The association will guarantee payment of benefits per life up to:

A

$300,000: in life insurance death benefits, disability insurance benefits and long term care insurance
$100,000: cash surrender value
$500,000: Health insurance benefits
$100,000: Present value annuity benefits

12
Q

Insolvent

A

When a court enters a final liquidation order with a finding of insolvency.

13
Q

Covered Claims

A

Unpaid claim against an insolvent insurer
Claim made by a local resident at the time of the occurrence
Claims related to property that is permanently located in OR