License Continuance + Renewal Flashcards
A producer’s license is valid for _____ years unless it is revoked or suspended.
In order to continue a license, the producer must…
- Renew the license by the producer’s _______
- satisfy the ________________ requirements
- submit a renewal ____________ and
- pay the required _____
Must apply for renewal _____ days before the date expiration or pay a late fee.
A producer’s license is valid for two years unless it is revoked or suspended.
In order to continue a license, the producer must…
- Renew the license by the producer’s birthday
- satisfy the continuing education requirements;
- submit a renewal application; and
- pay the required fee.
Must apply for renewal 60 days before the date expiration or pay a late fee.
Before refusing to renew a license, the Superintendent must …
give a producer written notice and the opportunity to have a hearing on the matter.
A producer’s license must contain what 4 details
- the producer’s name and address
- date of issuance
- authorized lines of authority
- expiration date
Continuing Education
Every insurance producer and public adjuster licensed in New York is required to complete at least 15 hours of continuing insurance education every two years in order to renew his or her license.
Producers and public adjusters must furnish the course taken and successfully completed.
Excess credit hours earned during a two-year licensing period may not be carried over to the next licensing period.
Assumed Names
A producer must notify the Superintendent if he or she changes his or her legal name.
When transacting insurance, a producer may only use a name that has been approved by the Superintendent.
Change of Address
A producer who changes his or her business, residential, or email address must notify the Department within 30 days of the change.
A nonresident producer who moves from one state to another must file a change of address within 30 days of moving.
A resident producer who moves from New York to another state must also file a change of address within 30 days.
A producer is required to report to the Superintendent any administrative action taken against the producer in another state or by another government agency in New York within ____ days of the final disposition of the matter.
The report must include
- a copy of the order
- consent to order
- other relevant documents.
Similarly, a producer is also required to report to the Superintendent any criminal prosecution against the producer in any jurisdiction within ____ days of the initial pretrial hearing.
The report must include:
- a copy of the complaint filed against the producer,
- the order issued from the hearing, and
- any other relevant documents.
A producer is required to report to the Superintendent any administrative action taken against the producer in another state or by another government agency in New York within 30 days of the final disposition of the matter.
The report must include
- a copy of the order,
- consent to order, or
- other relevant documents.
Similarly, a producer is also required to report to the Superintendent any criminal prosecution against the producer in any jurisdiction within 30 days of the initial pretrial hearing.
The report must include:
- a copy of the complaint filed against the producer,
- the order issued from the hearing, and
- any other relevant documents.
Cease and Desist Order
The person must be notified of the time and place of the hearing at least ___ days in advance. The notice will also specify the offenses and violations with which the person is charged.
A person who is charged with engaging in an unfair method of competition or committing an unfair or deceptive act or practice is entitled to a hearing before the Superintendent.
The person must be notified of the time and place of the hearing at least 10 days in advance. The notice will also specify the offenses and violations with which the person is charged.
If the Superintendent finds that the producer has committed the alleged acts or practice, the Superintendent can order that the producer cease and desist from committing the act or engaging in the practice.
If the Superintendent determines that a civil penalty should be imposed, he or she may enforce the judgment, without a court proceeding, within _____ days.
If the Superintendent determines that a civil penalty should be imposed, he or she may enforce the judgment, without a court proceeding, within 120 days.
Hearings are open to the public unless a private hearing would be in the best interests of the public.
Suspension, Revocation, and Nonrenewal of License
The Superintendent may suspend, revoke, or refuse to continue the license of a producer, consultant, adjuster, or life settlement broker for the following reasons:
- violating any insurance laws or a regulation, subpoena, or order of the Superintendent or another state’s commissioner;
- providing materially incorrect, misleading, incomplete, or untrue information in the license application;
- misrepresentation or fraud in obtaining the license;
- fraudulent, coercive, or dishonest practices in conducting insurance;
- demonstrating incompetence, untrustworthiness, or financial irresponsibility when transacting insurance;
- misappropriation, conversion, or unlawful withholding of money belonging to insurers or others;
- intentionally misrepresenting the terms of an insurance policy, life settlement contract, or application;
- being convicted of a felony;
- committing unfair trade practices or insurance fraud;
- having an insurance producer or life settlement broker license denied, suspended, or revoked in another state;
- forging another’s name to an insurance application or other document;
- using notes or other reference material to complete an examination for an insurance license;
- knowingly accepting insurance business from an unlicensed individual;
- failing to comply with an administrative or court order imposing a child support obligation;
- failing to pay state income tax or comply with an administrative or court order directing the payment of state income tax;
- failing to protect the privacy of an insured or policyowner during a life settlement transaction, when acting as a life settlement broker;
- or failing to meet the requirements for licensing in New York.
The Superintendent must give written notice to an applicant or licensee if he or she decides to not renew or deny an application for a license and must hold a hearing within ten days.
A person or entity whose license has been revoked cannot obtain another license for one year.
Penalties
Violations of the licensing regulations are generally considered misdemeanors. The Superintendent may impose a penalty of up to $_____ for each violation (not exceeding $_______ total for all offenses) instead of revoking or suspending a producer’s license.
The Superintendent may revoke or suspend a producer’s license if the producer fails to pay a monetary fine within ____ days.
If the Superintendent finds that the violation was willful, he or she may impose an additional penalty of $_______ or more.
Failure to pay the additional penalty within ____ days is an additional violation.
Violations of the licensing regulations are generally considered misdemeanors. The Superintendent may impose a penalty of up to $500 for each violation (not exceeding $2,500 total for all offenses) instead of revoking or suspending a producer’s license.
The Superintendent may revoke or suspend a producer’s license if the producer fails to pay a monetary fine within 20 days.
If the Superintendent finds that the violation was willful, he or she may impose an additional penalty of $1,000 or more.
Failure to pay the additional penalty within 30 days is an additional violation.
A person or entity whose license has been revoked cannot obtain another license for how long?
1 year
The Superintendent may impose a penalty of up to …
$500 ($2,500 total) for violations of the insurance code and an additional penalty of $1,000 or more for willful violations.
A producer’s license may be suspended or revoked if he or she fails to pay a monetary fine within how many days?
20 days
- Misdemeanor traffic ticket
- Solicting Relative
- Failing to meet sales goals
30 DAYS
