P&C Chapter 5 - Missouri Statutes, Rules And Regul
P&C Chapter 5 - Missouri Statutes, Rules and Regul
Exam (elaborations)
P&C Chapter 5 - Missouri Statutes, Rules and Regulations Common to All Lines
3 views 0 purchase
Course
P&C Chapter 5 - Missouri Statutes, Rules and Regul
Institution
P&C Chapter 5 - Missouri Statutes, Rules And Regul
P&C Chapter 5 - Missouri Statutes, Rules and Regulations
Common to All Lines
Director of Insurance and Related Regulations - Director of Insurance : The chief officer of the Department of Insurance and Professional
Registration, appointed by the governor with Senate consent. The director cann...
P&C Chapter 5 - Missouri Statutes, Rules and Regulations
Common to All Lines
Director of Insurance and Related Regulations
- Director of Insurance ✅: The chief officer of the Department of Insurance and Professional
Registration, appointed by the governor with Senate consent. The director cannot be affiliated with an
insurance company as an officer, agent, or employee, except as a policyholder. Must be a citizen of
Missouri with insurance experience.
- Director's Powers ✅:
- Regulate the internal affairs of the Department of Insurance.
- Prescribe forms and procedures for proceedings.
- Aid in interpreting state insurance laws.
- Withdraw or amend rules and regulations.
- Examination Purpose ✅: To ensure companies remain solvent and conduct business in compliance
with state laws regarding licensing, policy forms, rates, claims, and market conduct.
- Financial Examination Frequency ✅: Every 5 years, but can be conducted more often as necessary.
- Examination Fees Responsibility ✅: The insurance company being examined is responsible for the fees.
- Duties of the Director ✅:
- Supervise insurance business.
- Licensing and approving policies/forms.
- Enforcing insurance laws and imposing penalties.
- Conducting exams, investigations, and hearings.
, - Cease and Desist Order ✅: A directive requiring a person to stop actions violating provisions.
- Consequences for Cease and Desist Violation ✅: Penalties may include a fine up to $100,000,
imprisonment for up to 10 years, license suspension, or a combination of these.
- Penalties for Unfair Practices ✅: A person guilty of unfair methods can be fined up to $1,000 per
violation (max $100,000 in 12 months) and/or have their license suspended.
- Order of Violations and Penalties ✅: Violation → hearing → cease and desist order → other penalties.
---
Licensing and Producer Information
- Purpose of Licensing ✅: To ensure producers meet educational and ethical standards.
- Producer Definition ✅: A person required to be licensed to sell, solicit, or negotiate insurance.
- License Duration for Producers ✅: Issued for 2 years.
- Fee for Entity License ✅: $100 for business entity producer license.
- Nonresident License Requirements ✅:
1. Currently licensed and in good standing in home state.
2. Proper license request submitted with fees.
3. Application submitted to the Director as per home state's application.
4. Home state accords similar privileges to Missouri residents.
---
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller CertifiedGrades. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.89. You're not tied to anything after your purchase.
