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Montana Laws and Rules Exam Questions With Correct Verified Answers $12.49   Add to cart

Exam (elaborations)

Montana Laws and Rules Exam Questions With Correct Verified Answers

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  • Course
  • MONTANA LAWS AND RULES
  • Institution
  • MONTANA LAWS AND RULES

commissioner - ANS The Commissioner of Insurance supervises the operations of the Montana Insurance Department. The Commissioner also makes rules and regulations to help carry out the provisions of the Montana insurance code Examination of Records - ANS The Commissioner may conduct a financi...

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  • September 5, 2024
  • 7
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • MONTANA LAWS AND RULES
  • MONTANA LAWS AND RULES
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Studyclock
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LO
YC
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Montana Laws and Rules
Exam Questions With Correct
Verified Answers A+ Graded

, commissioner - ANS The Commissioner of Insurance supervises the
operations of the Montana Insurance Department. The Commissioner
also makes rules and regulations to help carry out the provisions of
the Montana insurance code

Examination of Records - ANS The Commissioner may conduct a
financial examination as often as deemed appropriate in order to
determine the solvency of the company. At the very least, a company




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shall be examined every 5 years.




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Hearing - ANS The Commissioner may hold a hearing whenever
deemed necessary. All hearing must be held or refused within 30 days



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after Commissioner receives the demand. The Commissioner must
give notice of the time and place of a hearing at least 10 days in
advance.
YC
Penalties - ANS After the hearing, The Commissioner can impose a
fine of up to $25,000 upon anyone who violates the Montana
insurance code. (up to $5,000 for insurance producers.
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Cease and Desist - ANS The Commissioner can issue and cease
and desist order to anyone violating the Montana insurance code.
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Annual Statements - ANS All insurance companies authorized to do
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business in Montana must file with the commissioner a statement of
their financial position by March 1st of each year.

Approval of Forms - ANS All insurance forms must be filed with and
approved by the Commissioner at least 60 days before delivery.

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