State Insurance Regulations Flashcards
It is the duty of the Commissioner to…?
- issue certificates of authority to insurance companies;
- require every domestic insurer to keep its books in such a way that its annual statements may be readily verified and that the company can be ascertained as solvent and having complied with provisions of the law;
- issue licenses to insurance producers;
- conduct investigations and examinations;
- supervise the business of insurance in the state;
- work toward informed choices of insurance needs and options; and
- consider whether rates are excessive, inadequate, or unfairly discriminatory.
What is an “examination” by the commissioner of Insurance?
a formal financial examination or market conduct examination, as well as an informal investigation, to determine compliance with the law.
How often must formal financial examinations of insurers licensed in the state, excluding approved nonadmitted insurers, must take place?
at least once every five years.
What’s the number of hours of continuing education Colorado insurance producers must take?
24 credit hours every two years including 3 hours of ethics, every 2 Years
Linda is a licensed insurance producer in Colorado. She is charged with aggravated battery in Florida. She must she notify the Colorado Insurance Commissioner of her criminal prosecution within how many days of her pre-trial hearing?
30 Days
Which of the following is a permitted claims settlement practice if committed by an insurance company in Colorado?
Refusing to settle a claim for which liability is uncertain
License suspension or revocation
Cease and desist order
Fines
Imprisonment
IMPRISONMENT
Failure to comply with Colorado’s fraud statute could result in any of the following sanctions EXCEPT:
Every licensed insurance company doing business in Colorado is required to have which of the following plans?
Anti-fraud plan
