What is the primary duty of the Commissioner of Insurance? - Answer To see that insurance laws are properly executed and the public interest is protected by the enforcing of these laws.
Who appoints the Commissioner of Insurance - Answer The governor of Connecticut.
What must the Commis...
Connecticut Insurance Supplement
Assignment Questions Already Solved.
What is the primary duty of the Commissioner of Insurance? - Answer To see that insurance laws are
properly executed and the public interest is protected by the enforcing of these laws.
Who appoints the Commissioner of Insurance - Answer The governor of Connecticut.
What must the Commissioner of Insurance do for the governor annually? - Answer Submit a report.
What are the main powers of the Commissioner of Insurance? - Answer 1. Conduct investigations,
hearings and issue subpoenas.
2. Revoke licenses of insurers, producers, adjusters and consultants for just cause.
3. Regulate insurers for solvency.
4. Regulate most insurance premium rates.
What the other main duties of the Commissioner of Insurance? - Answer 1. To make sure that
insurance laws are properly executed
2. To make sure the public interest is protected by the enforcing of insurance laws.
3. To issue licenses and collect appropriate fees.
4. Set reserves for domestic companies.
5. Appoint examiners (ie. department directors or chiefs) who are delegated the duty of examining
insurers.
6. Issue cease and desist orders to insurers, producers, adjusters and consultants for just cause.
7. Conduct hearings in connection with wrongdoing by an insurer or licensee.
8. Report illegalities to the insurance department or state attorney general.
What is a notice of hearing? - Answer A notice issued by the Commissioner of insurance listing the
charges laid against a licensee suspected of engaging in unfair acts (like sales methods).
,How many days after a notice of hearing is issued will the hearing take place? - Answer At least 30
days.
What is the penalty for any violation or unfair act committed without prior knowledge that it was a
violation? - Answer $5000 for each violation, not to exceed an aggregate of $50,000.
What is the penalty for any violation or unfair act committed where the perpetrator knew that it was a
violation? - Answer $25,000 for each violation, not to exceed an aggregate of $250,000, in any six
month period.
What is the penalty for any person or corporation that violates any part of CT insurance law for which
there is no stated penalty? - Answer $15,000
What is the penalty for an insurer that makes false statements or advertisements about financial
information? - Answer $10,000 for the first offense, $20,000 for each subsequent offense.
Cease & Desist Order - Answer Order issued by the Commissioner of insurance that prohibits an
individual or company from continuing a practice which was a violation and unfair act.
What is the penalty for violating a cease and desist order? - Answer A fine of $50,000 or suspension or
revocation of the violator's license.
By CT state insurance law, who must have an insurance producer license? - Answer All people or
businesses who sell insurance directly to the public and whose compensation is directly linked to those
insurance sales. Such activities include selling, soliciting and effectuating coverages of insurance.
By CT state insurance law, who is exempt from needing an insurance producer license? - Answer
Salaried officers and employees of insurance companies or a producer whose duties are administrative
or clerical in nature and don't involve insurance sales or negotiation.
Insurer / Insurance Company - Answer Any person or entity, other than fraternal benefit societies, that
transact insurance business.
, Alien Insurer - Answer An insurer that is originated under the laws of a state or country outside the
USA.
Domestic Insurer - Answer An insurer that is originated under Connecticut Law.
Foreign Insurer - Answer An insurer that is originated under the laws of another US state or territory.
Mutual Insurer - Answer An insurer without capital stock and having a managing board of directors or
officers elected by its members (owned by it's policy holders).
Stock Insurer - Answer An insurer that is incorporated with capital stock contributed by stockholders,
who share the earnings distributed as dividends on their shares (owned by shareholders).
Unauthorized Entity / Non-admitted Insurer - Answer An insurer that hasn't been granted a certificate
of authority by the Commissioner of insurance to transact business in Connecticut.
Insurance Producer - Answer A person required to be licensed under the laws of CT to sell, solicit, or
negotiate insurance.
Insurance Agent - Answer In the state of CT, an insurance producer appointed by an insurer to act on
the insurer's behalf. The agent is licensed and has a written appointment (contract) with the insurance
company.
What are the lines of authority a person can obtain an insurance license in? - Answer - Life insurance
- Accident or health or sickness insurance
- Property insurance
- Casualty insurance
- Variable life or variable annuity products
- Credit: limited line credit insurance
- Personal lines (property/casualty insurance sold to persons and families for noncommercial purposes)
- Any other line of insurance permitted under CT law
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