Missouri Property And Casualty State Laws Verified
Missouri Property and Casualty State Laws Verified
Exam (elaborations)
Missouri Property and Casualty State Laws Verified Solutions
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Course
Missouri Property and Casualty State Laws Verified
Institution
Missouri Property And Casualty State Laws Verified
Missouri Property and Casualty State Laws Verified Solutions
Regulation and Oversight - National Association of Insurance Commissioners (NAIC): Writes rules and statutes for the legislature. - Director of the Department of Insurance: - Appointed by the Governor with Senate advice and consent. - ...
Missouri Property and Casualty State Laws Verified Solutions
Regulation and Oversight
- National Association of Insurance Commissioners (NAIC): Writes rules and statutes for the legislature.
- Director of the Department of Insurance:
- Appointed by the Governor with Senate advice and consent.
- Acts primarily as a policyholder with regard to insurance companies.
- Full authority includes regulating the insurance department, interpreting laws, and examining
insurers' records.
- Powers of the Director:
- Must give 15 days written notice for hearings on rule changes.
- Responsible for overseeing compliance with laws and can issue cease and desist orders.
- Examinations and Record Keeping:
- Insurers must provide requested records within 10 days.
- Policies, applications, endorsements, and rates must be filed with the Director for approval.
- The Director has 60 days to approve or reject filings.
- Penalties:
- May impose fines up to $1,000 for unintentional violations and up to $25,000 for flagrant violations
within specified time limits.
- Can issue a public notice before suspending or revoking a license.
Licensing of Producers
, - Licenses Required: Various types of licenses exist for different kinds of producers (e.g., Life and
Annuity, Property, Casualty, etc.).
- Individuals do not take the exam if they are third-party administrators or adjusters.
- License Duration:
- A Producer’s license is valid for 2 years and must be renewed biennially.
- Producers must apply within 12 months of passing the exam.
- Address Changes: Producers must notify the Director within 30 days of any address changes.
- Appointments and Registrations:
- Insurers must register the appointment of producers within 30 days.
- If a producer's appointment is terminated, the Director must be notified within 30 days.
- Continuing Education: Required every 2 years with specific hour requirements:
- 16 hours for Property & Casualty.
- 16 hours for Life or Health.
- 3 hours covering Missouri law and ethics.
Complaints and Violations
- Unfair Trade Practices:
- Includes activities like defamation, false advertising, and unfair discrimination.
- Discriminatory practices may involve denying maternity coverage in individual policies when similar
family plans provide it.
- Record Keeping: Producers must maintain records of transactions for 3 years after policy termination,
and insurers must keep records of policies for 2 years and claims for 3 years.
- Charges to Clients: Producers must have a written agreement before charging any additional fees.
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