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Connecticut Insurance Laws and Rules Exam With Complete Solutions Latest Update (A+)
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Connecticut Insurance Laws and Rules Exam With Complete Solutions Latest Update (A+)...
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Connecticut Insurance Laws and Rules Exam With CompleteSolutions Latest Update (A+)
Producers - ANSWER A person employed by an insuring company and represents
policies on its behalf. Licensed to solicit, receive and forward applications to the insurer
Producer Process - ANSWER An applicant in CT must
-be at least 18 years of age
-be a resident of CT
-be competent, honest and trustworthy
-pass the licensing exam
-submit the application and pay the fees
-apply for license within 12 months of passing the exam
Nonresident Producers - ANSWER In CT non residents may apply for licensing and are
not required to take the CT licensing test
Temporary Licenses - ANSWER Can be given if a producer dies or becomes unable to
continue working and an immediate replacement is needed to keep the business
operating.
The spouse of the producer, court appointed personal representatives and partners can
apply. Valid for 180 days
Certified Insurance Consultant - A person licensed and competent to give advice,
counsel or recommendations on insurance, annuities or endowments for a fee.
Reinstatement and Renewable - ANSWER An insurer who has let his license lapse has
one year to reinstate with no re-licensing exam required. The reinstatement fee is twice
the usual renewal fee. The reinstatement fee can be waived upon evidence of
, extenuating circumstances, (as on active military duty) and the request is approved.
Address Change - ANSWER Producers must notify the Insurance Department of an
address change within 30 days of the move
Filing of Actions - ANSWER An insurer must notify the Insurance Department within 30
days if bankruptcy or legal action is filed against them
Assumed Names - ANSWER Assumed names used by the producer other than the legal
name should be reported to the Commissioner of Insurance prior to the use of the
assumed names
Continuing Education - ANSWER The producers must go through certain educational
requirements for the renewal license in every two birthdays
-License renewal requires 24 hours of education
-3 of the 24 hours must be in LAW/REGULATIONS and ETHICS
-6 of the 24 hours must directly pertain to their line of work
-In CT the Commissioner of Insurance must approve any educational courses used to
fulfill these requirements
Commissioner Duties and Powers - ANSWER -Oversees all insurance activity in CT
-Makes all reasonable rules and regulations necessary to enforce state laws
-May issue insurance related licenses
Adopt, amend and rescind insurance rules Examine books and records of insurers
Regulate insurance advertising Determine, set, or compute the reserves of life insurers
Make final judgement in relevant legal proceedings Issue cease and desist on anyone
found to have committed unfair, deceptive or illegal acts in the industry Administer
oaths Subpoena the attendance of witnesses to testify Monitor insurance solvency
Monitor insurer premium rates
Cease and Desist Order- ANSWER An order issued by the commissioner to anyone who
has been found to have committed an unfair or deceptive act. Can be fined up to $5000
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