Insurance Regulations QUESTIONS AND ANSWERS ALL CORRECT
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List of Department of Insurance Correct Answer: - Insurance commissioner - Admission of insurance companies - Examination of insurance companies - Insurance guaranty association List of Licens ... ing Laws Correct Answer: - Types of licensees - Duties of a producer - Maintenance and duration Producer/company compliance Correct Answer: - Unfair competition law - Unfair claims settlement practices - Insurance fraud regulation - Privacy of consumer financial information - Disciplinary actions Department of Insurance Correct Answer: - Was created to take charge of the organization, supervision, regulation, examination, rehabilitation, liquidation, and conservation of all insurance companies authorized to do business in Indiana, and to enforce, administer and excute the provisions of the state statues applicable to insurance companies the insurance department or to the insurance commissioner - Its best interest and safety of the public - Will promulgate rules Statue Correct Answer: - Formal written law enacted by legislature, insurance can be found in the state insurance code Branches of department of insurance Correct Answer: - Legislative - making laws - Executive - enforcing laws - Judicial - interpreting laws Insurance Commissioner Correct Answer: - Chief executive and administrative officer of the insurance department - Control the power, duties, management of the insurance department - Is appointed by the governor - Has legislative and judicial power Duties of the commissioners Correct Answer: - Adopt rules and regulation to enforce provision of the insurance code - Conduct examination, investigations, and hearings to determine whether any person has violated any provision of the code - Maintain confidentiality of documents, materials, or other information used in regulatory or legal action - Issue a cease and desist o [Show More]
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