Unit 23 Flashcards
Combination of ethics and compliance and refers to how companies and producers conduct themselves
Market Conduct
To whom is a producer’s primary responsibility
The insurer
Who created and when the Unfair Trade Practices Act
National Association of Insurance Commissioners in 1940
What is the fine for unfair trade practices
$3,000 per violation up to $30,000
What is the fine for a violation of cease and desist
$10,000 per violation in an insurer, $500 if an individual
What is the fine for a violation of an emergency cease and desist
$25,000 per violation
How long should the required records be kept
For current year and prior 2 years
How long do you have to fulfill a request for information
20 days
How long do you have to fulfill a request for information during market conduct and financial examination
10 days
Failure to provide requested information within stated time period can be fined for
$500 per violation and up to $5000
How long do you have to inform the commissioner of a termination of agent
30 days
How long to notify the agent of termination
15 days
How long to respond to commissioner after termination
15 days
How much additional education is required every 2 years
24 hrs
How long is an education extension granted by the commissioner
1 year
How long to notify commissioner of change of address
30 days
