5 - NC General Statutes and Regulations Flashcards
Election and term of Commissioner of Insurance
- 4 year term
- no limit to number of terms
Licensee requirement after convicted for any crime other than a motor vehicle infraction
-report within 10 days to the Commissioner after the conviction
Requirements for licensee changing residential mailing or e-mail address
- notify the NCDOI within 10 days of change
- failure will result in a $50 fee
Penalty for embezzlement
-Class H Felony
Minimum age to apply for insurance license
-18 years old
Required annual appointment renewal date of Producer by insurer
-April 1st
Temporary Producers License
-good for 180 days
Temporary Adjusters License
-good for 90 days
Change of state residency by Producer
-notify the NCDOI within 30 days after the change
Penalty for false statements made in applications for insurance
-Class 1 Misdemeanor
Article 39 time limit for use of an applicant’s Disclosure Authorization Form
- one year for Property and Casualty
- 30 months for Life and Health
Consumers access to recored personal information under Article 39
-insurers must provide within 30 business days from the date of the request
Continuing Education requirements
-must complete 24 hours of CE credits in a 2 year compliance period
Reinstatement of license before forfeiture for failure to complete CE requirements
-complete CE requirements within 120 days after end of compliance period and pay a $75 reinstatement fee
Request for a CE extension from the NCDOI
-made within 30 days before the end of compliance period and pay $75 fee
