MO Insurance License Class Flashcards
Hearings must be held at least _____ days before any proposed rule or regulation is adopted within the MO Director of Insurance’s authority?
15 Days.
What is the civil penalty for making False Testimony during the course of any department investigation, examination inquiry or any other proceeding that can be imposed by the court?
$50,000.00 per violation
If disciplinary action against an insurance producer is less than _____ and no other legal duties were imposed after _____ years from the date of the order’s execution, the director must remove the action from the producer’s record.
1 - $200.00
2 - 5 years
In regards to False Testimony-
Any person that knowingly engages in any act in violation of this section of insurance code is guilty of a _______. If the offender holds a license or certificate of authority, the Department must revoke such license or certificate.
Class E felony
In regard to Examination of Records –
The Director or any authorized examiners may conduct an examination as often as appropriate but must conduct a financial examination of every licensed Missouri insurer at least once every________. The Director may hire, at the insurer’s expense, any of the following persons as examiners: attorneys, appraisers, independent actuaries, certified public accountants (CPAs), and other professionals and specialists.
5 years
In regard to Examination of Records -
Any person being examined must make all documents and records available to examiners. If a requested document is not available, it must be provided within ________ days.
10 calendar
All insurance policy records must be maintained during the term of the policy and for at least ______after the policy terminates.
2 years
All claim files must be maintained during the calendar year in which they are closed and for at least ______ afterward.
3 years
A final examination report must be filed no later than ________ after an examination is completed. The examined insurer will have ______to file any submissions or rebuttals about any matter discussed in the report.
1 - 60 days
2 - 30 days
The Director must provide notice of intent to initiate administrative action, and serve that notice personally or by certified mail, to any person subject to Department proceedings. The notice must direct the person named in the notice to show good cause why a cease and desist order or other relief should not be issued. A hearing must be held no fewer than _____ after the notice is served.
10 days
In some situations, the Director may issue a summary order, which is civil action that allows disposition of a matter without legal proceedings because the facts are not in dispute. If the persons affected by the summary order do not request a hearing, and the Director does not order a hearing within ________ the summary order becomes the final order. If a hearing is held, the Director will issue a final order, which can vacate or modify a previous order.
30 days
In addition to any other penalty provided by law, willful violation of a cease and desist order issued by the Director is punishable by a fine up to ________, imprisonment for up to_____, or both. Violators must also be subject to suspension or revocation of an insurance license or certificate of authority.
1 - $100,000
2 - 10 years
Penalties and forfeitures ordered by the Director-
Level 1 violations - _______
Level 1 violations
Penalties and forfeitures ordered by the Director -
Level 2 violations - $_______ per violation up to an aggregate of $_______ per year for multiple violations
1 - 1,000
2 - 50,000
Penalties and forfeitures ordered by the Director
Level 3 violation _______ per violation up to an aggregate of ______ per year for multiple violations
1- $5,000
2- $100,000
