State Laws - Insurance Regulation Flashcards
(42 cards)
The U.S. location where the person maintains a principal of residence or business, in which the person is licensed to act as an insurance producer. What is the term to describe this?
Home State
The attempt to sell insurance or to ask or encourage a person to apply for a particular type of insurance.
Solicit
The exchange of insurance for money or its equivalent on behalf of a licensed insurer.
Sell
You must be the following to obtain what?
- be at lease 18 years old
- pay the fee
- pass the test
- pass the pre-certification
You DON’T need:
- a college degree
- high school diploma
NYS Licensing Requirements to become an Agent
The process of one individual discussing with another person a specific insurance contract and its major benefits, terms and/or conditions.
Negotiate
To sell, solicit, or negotiate insurance in NY - including an insurance agent, insurance broker, reinsurance intermediary, or excess lines broker.
Insurance Producer
Types of Licenses:
Works for their clients and is paid a fee by their client
Broker License
Types of Licences:
If a licensed agent or broker dies the following can take over:
- next of kin
- admin of the estate
The purpose of this license is to wrap up business and keep operations going and renewals coming.
It only lasts 90 days.
Temporary License
Types of Licenses:
Is an individual, firm, or corporation offering advice for a fee.
License is renewed yearly and expires on March 31st.
Consultant License
Types of Licenses:
Acts on behalf of an insurance company in investing and adjusting claims.
Adjuster License
Types of Licenses:
FILL IN
Agent License
A ___________ insurance agent or broker is an individual who is not a resident of NY and who is licensed or authorized to act as an insurance agent or broker in the state where they reside.
Non-resident
Maintenance and Duration:
What is the amount of time you have to report disciplinary actions?
30 days
Maintenance and Duration:
- must be submitted no fewer than 60 days before the expiration of the license to avoid a $10 late fee
- 24 months/2 years
- birth month
- also called “continuing eduction (CE)”
- replacement license fee = $15
License Renewal
Maintenance and Duration:
A name other than the licensees legal name = ____________
The name change needs to be approved by the Superintendent
Assumed Names
Maintenance and Duration:
You must complete this every 2 years and it is a 15 hours of instruction
Continuing Education (CE)
Maintenance and Duration:
All licensees are required to notify the Superintendent of a __________ ___ _____________ within 30 days of the change.
Change in Address
Disciplinary Actions:
The Superintendent must give a non-resident licensee a _____ ______ __________ __________ before revoking a license.
30 days written notice
Disciplinary Actions:
Instead of revoking or suspending an insurance license, the Superintendent may require a licensee to pay a penalty of $___________ per offense.
$500
Disciplinary Actions:
Failure to pay the penalty within ______ days results in revoking or suspending the license.
20 days
Disciplinary Actions:
The penalty for violating a cease and desist order is up to $________ per violation.
$5,000
Disciplinary Actions:
Once a license has been revoked, the licensee cannot obtain any type of insurance license in this state for at least ___ ________ from the date of revocation or from the date of a final determination resulting from any judicial review.
1 year
Disciplinary Actions:
Before a resident license can be revoked or suspended, the Superintendent must give the licensee and all sublicenses a hearing with ____ ______ __________ __________.
10 days advance notice
Disciplinary Actions:
How many days of written notice must the Superintendent provide to the licensee before holding a hearing?
10 days
