Exam (elaborations)
MINNESOTA INSURANCE REGULATION EXAM 2024/2025
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MINNESOTA INSURANCE REGULATION EXAM 2024/2025
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MINNESOTA INSURANCE REGULATIONEXAM 2024/2025
Department of commerce - Precise Answer ✔✔regulatory authority for
the Minnesota insurance industry
Commissioner of Commerce - Precise Answer ✔✔governor appointed.
Has the power to examine and investigate the affairs of every person
doing insurance business in Minnesota to determine whether the person
has engaged in any unfair method of competition or any unfair or
deceptive practice
Broad powers (general duties) - Precise Answer ✔✔The commissioner
is empowered to create rules that assist with the enforcement of
insurance laws, conduct investigations, examine records, and approve
policy forms
Examination of Records - Precise Answer ✔✔The commissioner may
conduct examinations of insurance companies, licensed producers, or
license applicants at any time for any reason related to the enforcement
of insurance laws to ensure that companies are operating in a safe
manner to protect the public interest
The commissioner must examine the affairs and conditions of every
insurer licensed in Minnesota at least once every five years - Precise
Answer ✔✔True
, Who may be examined by the commissioner in Minnesota - Precise
Answer ✔✔1. Any company authorized to do business in Minnesota
2. Person who is involved in the formation of an insurance company
3. Licensed producer or solicitor or any person seeking a license
4. Person engaged in the business of adjusting losses or financing
premiums
In order to examine the records, the commissioner must provide note of
the scope of the examination. A copy of the notice is sent to the
examinee - Precise Answer ✔✔True
Once notice of the scope has been given, the insurer or producer must
give free access to all books, records, and documents in question -
Precise Answer ✔✔True
Failure to submit to an examination is grounds for suspension, refusal, or
nonrenewal or a producer's license - Precise Answer ✔✔True
Examination report - Precise Answer ✔✔a statement of finds and a
summary of important points, recommendations, and suggestions. Can
be used as evidence in any legal proceeding
Restore any deficiency order - Precise Answer ✔✔if an insurance
company's capital, surplus, or reserves become impaired
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