Flashcards in MA P & C Law Deck (90)
What are the requirements for a public adjuster (fire)?
21 years age.
submit letter of interest,
competent and trustworthy.
What are the requirements for a apd appraiser?
Work experience letter(worked for appraiser for 3 months),
board approved course,
What do you need to call yourself an insurance consultant, counselor, specialist, analyst or policy holder adviser (unless CPA or attorney)
Advisers license. (Cannot work for insurer or be producer for insurer)
An individual who places insurance with unauthorized companies.
Special broker/surplus lines broker.
What are the requirements for a special broker license?
Deemed suitable by commissioner.
What does a special broker have to report to the state?
Affidavit staying full amount of insurance was not profitable with standard insurer.
All transactions, premiums collected and returned. Subject to $100-$500 fine and/or imprisonment up to a year
What are the requirements for a reinsurance intermediary?
Licensed producer (for at least 3 years in each line transacting business) w/ MA office OR licensed in another state with reciprocity.
May require surety bond and e&o
State all business affiliations for last 10 years
Trustworthy and competent
License term for reinsurance intermediary
3 years (1 year for firm or partnership)
Punishment for acting a intermediary without license.
Up to $1k and/or up to 6 months jail
A nonresident reinsurance intermediary has ___ _______ to bond coverage on behalf of the ceding company.
This person works on behalf of a viator (life insurance policyholder) and attempts settlement between viator and "viatical settlement providers" or "viatee."
Viatical settlement broker
Term of viatical settlement broker license
How long is temporary license good for?
180 days, no exam.
Restrictions on temporary license.
No new business
What are requirements for producer license? (Resident)
-competent, honest, trustworthy
How long does a nonresident ha to submit an application after moving to MA?
Requirements for business entity license.
-submit articles of incorporation or organization with business entity name (must contain insurance)
-list of members covered by license
/designate produce responsible for compliance with insurance laws
Requirements got advisers license
-Letter of interest
-credentials & work history (10 yrs)
-written contact describing advising services
-no prior suspension or revocations
-honest, trustworthy, competent (3 references)
Requirements for resident producer license
-competent honest trustworthy, no act grounds for denial suspension or revocation
Notice of licenses renewal send?
30-45 days prior to renewal date (birth date)
Fee for producer license.
$225 3 years
Fee if license not renewed within year
Penalty of double the fee
What happens if license not renewed in 12 months.
Pass exam again
Who is exempt from license fee and lead paint surcharge?
Ma resident who is veteran
Widow/widower of licensee
What is deadline to file a notice of appointment?
15 days from date the contract is executed or first application is submitted. Commissioner verifies in reasonable time (<30 days) if not eligible insurer is notified within 5 days of determination.
When does carrier have to notify commissioner if producer is terminated?
30 days after effective date of termination
What are requirements to notify producer of termination ?
Within 15 days of notifying commissioner. Send to last know address by certified mail, return receipt, postage prepaid or by overnight with fedex
How long does producer have to appeal termination?
30 days after receiving notification.
How long does a producer have to report administrative action taken against producer in another jurisdiction or by another governmental agency to the commissioner?