Montana State Laws - Life and Health Laws Exam Questions With Correct Verified Answers A+ Graded
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Course
MONTANA LAWS AND RULES
Institution
MONTANA LAWS AND RULES
The Commissioner enforces and executes the duties imposed by the - ANS Insurance Code. All certificates and licenses issued by the Commissioner must bear the Commissioner's seal.
The Commissioner and any person they appoint/employ may not be financially interested, directly or indirectly, in a...
Montana State Laws - Life and
Health Laws Exam Questions With
Correct Verified Answers
A+ Graded
,The Commissioner enforces and executes the duties imposed by the -
ANS Insurance Code. All certificates and licenses issued by the
Commissioner must bear the Commissioner's seal.
The Commissioner and any person they appoint/employ may not be
financially interested, directly or indirectly, in any insurer, insurance
agency, or insurance transaction except - ANS as a policyholder or
K
claimant under a policy.
C
If the unfair or deceptive practice has not been discontinued, the
Commissioner may: - ANS Restrain such person from the unfair or
LO
deceptive practice
Order such person to desist from such practice
Any person who violates a cease and desist order issued is subject to
YC
a civil penalty of up to - ANS $25,000, except that producers and
adjusters may be fined up to $5,000 per violation.
The Commissioner may conduct an examination of any insurer as
D
often as - ANS the Commissioner deems appropriate, but no less
frequently than at least once every 5 years.
U
The Commissioner may examine at their discretion the
accounts/records of any producer or adjuster.
ST
In lieu of examining any foreign or alien insurer licensed in this state,
the Commissioner may accept an examination report on the company
prepared by - ANS the insurance department for the company's
home state
The foreign examination reports may only be accepted if: - ANS The
insurance department was at the time of the examination accredited
, under the NAIC's financial regulation standards and accreditation
program
The examination is performed under the supervision of an accredited
state insurance department
Any refusal of cooperation with the examiners is grounds for - ANS
suspension, refusal, or nonrenewal of any license or authority held by
K
the company.
C
The Commissioner or any appointed examiner has the power to issue
subpoenas, administer oaths, and examine under oath any person
LO
concerning any matter pertinent to the examination - ANS If a person
fails or refuses to obey a subpoena, the Commissioner may petition
the court of jurisdiction and the court may order the witness to appear
and testify or to produce documentary evidence. Failure to obey the
YC
court order is punishable as contempt of court.
Once an examination is completed, the examiner's report must be
filed with the Commissioner within - ANS 60 days.
D
Once received by the Commissioner, the report must be provided to
U
the examined company, which will then have ______ to make a
written submission or rebuttal regarding any matters contained in the
ST
report. - ANS 30 days
Within 30 days of the end of the period allowed for the company to
submit its rebuttals, the Commissioner will accept the report as filed or
with modifications/corrections. If the company is found to be in
violation of any law, regulation, or prior order, the Commissioner may -
ANS order the company to take any necessary action to end the
violation
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