Montana State Laws - Life and Health Laws Prep Exam Questions And All Correct Answers.
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Course
Montana Laws and Rules
Institution
Montana Laws And Rules
The Commissioner enforces and executes the duties imposed by the - Answer 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, ...
Montana State Laws - Life and Health
Laws Prep Exam Questions And All
Correct Answers.
The Commissioner enforces and executes the duties imposed by the - Answer 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 - Answer as a policyholder
or claimant under a policy.
If the unfair or deceptive practice has not been discontinued, the Commissioner may: - Answer Restrain
such person from the unfair or deceptive practice
Order such person to desist from such practice
Any person who violates a cease and desist order issued is subject to a civil penalty of up to - Answer
$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 often as - Answer the Commissioner
deems appropriate, but no less frequently than at least once every 5 years.
The Commissioner may examine at their discretion the accounts/records of any producer or adjuster.
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 - Answer the insurance department for the
company's home state
The foreign examination reports may only be accepted if: - Answer 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 - Answer suspension, refusal, or
nonrenewal of any license or authority held by the company.
The Commissioner or any appointed examiner has the power to issue subpoenas, administer oaths, and
examine under oath any person concerning any matter pertinent to the examination - Answer 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 court order is punishable as contempt of court.
Once an examination is completed, the examiner's report must be filed with the Commissioner within -
Answer 60 days.
Once received by the Commissioner, the report must be provided to the examined company, which will
then have ______ to make a written submission or rebuttal regarding any matters contained in the
report. - Answer 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 - Answer order the
company to take any necessary action to end the violation
If the Commissioner rejects the examination report, they must direct the examiners to The
Commissioner may also hold an investigatory hearing with no less than 20 days' notice to the company,
to obtain additional data, documentation, information, and testimony. - Answer reopen the
examination to obtain additional data, documentation, information, or testimony.
If the Commissioner rejects the examination report, The Commissioner may also hold an investigatory
hearing with no less than _______ notice to the company, to obtain additional data, documentation,
information, and testimony. - Answer 20 days notice
Once a final report has been adopted and provided to the examined company, it must file an affidavit
that the report and any related orders has been received. This must be done within ______ of receiving
the final examination report. - Answer 30 days
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