NY INSURANCE REGULATIONS, Questions and answers. 100% verified. Rated A

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NY INSURANCE REGULATIONS, Questions and answers. 100% verified. Rated A Adjuster licensing qualifications (5) - ✔✔1. At least 18 years old. 2. Pre-licensing class 3. Pass an exam 4. Apply for... a license within 2 years of passing 5.pay a fee 6 trustworthy 7. Never convicted 8. 5 witnesses to your character A resident licensee - ✔✔is one who has declared New York as the Home State. A nonresident licensee - ✔✔is one who live in another state has declared New York as the Home State Home State - ✔✔the applicant maintains a principal place of residence or principal place of business. Nonresident licensing requirements - ✔✔you must submit a nonresident license application and the appropriate fees. What date does an Adjusters license expire - ✔✔December 31st on even years every 2 years What is the amount of bond needed for an Adjuster's license - ✔✔$1,000 What are the requirements of all adjusters? 2 - ✔✔1. $1000 bond and fingerprints Temporary adjusters permit - ✔✔The superintendent can grant a temporary permit well the adjuster wait for his license to be issued When do all licenses renew - ✔✔January 1st every 2 years Is there continuing education for adjusters - ✔✔No When must the adjuster inform the superintend it when they change their address, name or any administrative action against him? - ✔✔Within 30 days What department oversees financial services including insurance? - ✔✔The superintendent of finance services (Appointed by the governor) Who can the superintendent designate - ✔✔A deputy superintendent What are the powers of the superintendent - ✔✔1. Conduct investigations and study matters that affect consumers a financial services and products 2. Protect uses a financial services and products 3. Received complaints 4. Invest investigate any person that may be involved in unfair trade 5. Impulse civil penalties when needed If the superintendent request information when must you comply - ✔✔Within 15 days After a notice in a hearing what is the amount of civil penalties they can be imposed - ✔✔$500 per day up to $10,000 If then superintendent imposes five separate penalties against one person in 5 years - ✔✔50 maximum for each 5 year period [Show More]

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