Kansas Rules and Regulations Common to all Lines

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Kansas Rules and Regulations Common to all Lines a Department of Insurance has been established to do what - ANS - supervise and regulate the business of insurance in the state of Kansas The chief... officer of the Department of Insurance is the... - ANS - Commissioner of Insurance The Commissioner is elected for a term of ________ at the same time and during the same election that _________________________. - ANS - 4 years other state officials are chose In the case of a vacancy, the governor will appoint a person suitable to... - ANS - service for the unexpired term and until a successor is elected and qualified The insurance laws are collectively known as... - ANS - the insurance code The Commissioner has the following broad powers and duties: (5) - ANS - 1. Enforce the provisions of the state insurance code 2. Issue insurance licenses and certificates of authority 3. conduct examinations and investigations of insurance matters 4. approve or disapprove insurance forms and rates 5. issue orders and notices regarding insurance matters The commissioner regulates insurance companies authorized to do business in this state. What does this entail? - ANS - the examination of insurers' books and records what is the purpose of the examination of insurers' books and records? - ANS - to ensure that the compnaies remain solvent and conduct business in compliance with state laws and regulations pertaining to licensing, policy forms, rates, claims, and market conduct The commissioner must do what before issuing a certificate of authority, and then as often as deemed necessary? - ANS - examine all insurance companies organized under the laws of kansas What must the commissioner do every 5 years? - ANS - examine the affairs and financial condition of any insurance company authorized to do business in this state The cost of the examinations is the responsibility of... - ANS - the insurance company being examined all companies under examination and their officers, directors, employees and agents must provide the Commissioner with... - ANS - free access to all books and paper relating to the company's business or affairs. If any company or its officers, directors, employees or agents refuses to comply with a reasonable request of the examiners, - ANS - the company's certificate of authority may be suspended or not renewed by the commissioner. Inlieu of an examination of foreign and alien insurers, the Commissioner may accept an examination report from... - ANS - the accredited Departments of Insurance of their state of domicile (home state). define solvent: - ANS - having assets in access of liabilities, able to pay ones debts If the Commissioner suspects that an insurer or its agent has committed a violation or is engaged in an unfair trade practice, the Commissioner may do what? - ANS - Issue a statement of charges and hold a hearing for any purpose deemed necessary (within the scope of the insurance code). The Commissioner must give reasonable notice to all ____________________, by registered mail, as to the _______, ________, and ________ of a hearing. - ANS - interested parties time, place, and purpose The hearing will be held within ___________ after a written request for a hearing - ANS - 15 days Whenever it is in the public's best interest, the commissioner can conduct hearing concerning any matter relating to the insurance business, particularly when it appears from examination or other evidence that any of the following have occurred: (3) - ANS - 1. the solvency of the insurer is impaired 2. the company is in violation of any of the laws of Kansas 3. the company's affairs are in an unsound condition, which could endanger policyholders. at the hearing, the person charged is given the opportunity to do what? - ANS - Show cause why the Commissioner should not issue an order requiring the person to cease and desist from the act or practice. During a hearing, the Commissioner has the authority to do any of the following: (5) - ANS - 1. administer oaths 2. subpoena witnesses 3. examine and cross examine witnesses 4. receive oral and documentary evidence 5. require to produce evidence of books, records or other documents relevant to the inquiry. If, after the hearing, the commissioner determines that the person or insurer charged was engaged in a prohibited act or practice, that person or company will.... - ANS - be charged for the cost of the hearing and may be subject to a fine any person who violates general provisions of the Insurance Code will be subject to a penalty up to... - ANS - $500 for each violation, an imprisonment in the county jail for up to 6 months, or both. If the commissioner determines that a person is engaged in any act or practice that is in violation of any provision of the Kansas Insurance statutes, the commissioner may do any or all of the following: (3) - ANS - 1. a monetary penalty of up to $1000 for each unwillful violation, and up to $2000 for each willful violation. 2. suspension or revocation of license or certificate of authority 3. issuance of cease and desist order If a person fails to file a required report, the Commissioner may impose a penalty of up to _____ for each violation, along with a penalty of up to _______ a _______ after the report is due. - ANS - $500 $100 a week When, after a hearing, the Commissioner det [Show More]

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