Connecticut Life And Health Insurance Life, Accident, And Health Insuranc 78 Questions And Answers
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Terms in this set
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Commisioner of Insurance
Who is appointed by the Governor and enforces CT insurance laws. Can conduct investigations, hearings, issue subpoenas, revoke licenses, regulate insurers for solvency
Commissioner Hearings
Issues a notice of hearing for an unfair act.
Hearing held 30 days AFTER notice.
Can subpoena a witness; if witness fails to show it is considered to be charged with contempt of court.
Hearing held 30 days AFTER notice.
Can subpoena a witness; if witness fails to show it is considered to be charged with contempt of court.
Penalties for Unfair Acts
Penalty of $5,000 for each unfair act (not passing $50,000)
If violator KNEW law was violated they will get $25,000 penalty not passing $250,000 in a 6 month period.
If violator KNEW law was violated they will get $25,000 penalty not passing $250,000 in a 6 month period.
Other Penalties
Violation with no other penalty = $15,000 fine
Penalty for false statements = $10,000 (1st offense) $20,000 (each sub offense)
Violating cease & desist order = $50,000 max fine or license suspension.
Penalty for false statements = $10,000 (1st offense) $20,000 (each sub offense)
Violating cease & desist order = $50,000 max fine or license suspension.
Producer Licensing
Insurance Producer licensed to solicit insurance. Appointed by insurer to act on their behalf.
Licensing Lines of Authority
Receives the following lines of authority:
Life Insurance, Variable Life, Variable Annuity Products, Accident & Health or Sickness, Property, Casualty, Personal Lines, Credit, and any other line permitted under state law.
Life Insurance, Variable Life, Variable Annuity Products, Accident & Health or Sickness, Property, Casualty, Personal Lines, Credit, and any other line permitted under state law.
Licensing Requirements
At least 18 years or older, 40 hours of pre-licensing course, passing the exam, paying appropriate fees, and not committed any acts ground for denial.
Licensing Exam Exemptions
A temporary producers license, a nonresident producers license, a licensee reinstating within 12 months of license expiration, a licensed producer who moved to CT (must apply within 90 days of becoming a resident).
Salaried officers exempt if duties are administration, clerical work, and doesn't involve any insurance sales.
Salaried officers exempt if duties are administration, clerical work, and doesn't involve any insurance sales.
Licensing Renewal
Renews "biennially" on the producer's birthday.
$160 renewal fee ($320 if failure to renew)
30 days to notify an agent of appointment cancellation
A certified insurance consultant renews every 2 years on Sept 30th (in odd-numbered years)
$160 renewal fee ($320 if failure to renew)
30 days to notify an agent of appointment cancellation
A certified insurance consultant renews every 2 years on Sept 30th (in odd-numbered years)
Changes in Licensee Status (Must notify Commissioner)
Notify 30 days after: Name change, employer change, change of residence, bankruptcy proceeding, admin action taken in another state or change in a licensed members of a firm.