Can the superintendent take over an insurer’s operations?
The Superintendent, as receiver, may seek an order from the New York State Supreme Court allowing the Superintendent to take over a domestic insurer's operations if certain circumstances exist that affect an insurer’s financial stability.
How does the superintendent protect policy owners and creditors in New York?
Both approaches are designed to enable the Superintendent to protect policy owners and creditors. If a life insurer is domiciled in another state and is placed in rehabilitation or liquidation in that state, then the Superintendent may seek a court order allowing the Superintendent to take control of the insurer’s assets in New York.
What does the New York State Department of insurance do?
One of the Department’s most important responsibilities is regulating the activities of life insurers doing business in New York State to ensure that the promises made in insurance policies and annuity contracts are fulfilled.
How often must the superintendent examine each domestic insurance company?
How often must the Superintendent examine financial affairs of domestic insurers? Domestic insurers must be examined at least once every 3 years regarding their condition, fulfillment of contractual obligations, and compliance with applicable laws.
How often can the CFO examine the records and assets of an authorized insurer?
The Office of Insurance Regulation is entitled to perform a financial examination of each insurer at least once every 3 years.
How often are insurers required to renew agents appointments quizlet?
Must complete an application for an agency license, which must be renewed every 3 years. Must have a licensed and appointed full-time agent in charge of each agency location.
What is the maximum civil penalty for violating the superintendents cease and desist order?
(xlv) Civil penalty for a violation of a cease and desist order under the Canola and Rapeseed Research, Promotion, and Consumer Information Act, codified at 7 U.S.C. 7448(e), has a maximum of $6,000 for each day the violation occurs.
How often must the Office of Insurance Regulation conduct an examination of a domestic insurer that has held a certificate of authority for less than 3 years?
The commissioner shall so examine each insurer holding a certificate of authority or certificate of registration not less frequently than every five years. Examination of an alien insurer may be limited to its insurance transactions in the United States.
How often is the Office of Insurance Regulation entitled to perform a financial examination of an insurer?
once every 5 yearsThe OIR may examine (or audit) each insurer as often as it deems necessary, but it must examine each domestic insurer at least once every 5 years.
How often must an insurance agent license normally be renewed quizlet?
Insurance agent's license expires every 2 years.
When most agents submit license renewal applications to the superintendent?
An agent must file an application for renewal of license with the Superintendent at least 60 days before the license expires.
When an insurer terminates an agent's appointment it must notify the superintendent within?
Every insurer who terminates a producer must file with the Superintendent within 31 days of termination a statement regarding the facts leading to termination. The insurer must also send a copy of the report to the terminated producer within 15 days of its receipt by the Superintendent.
Which of the following authorities is responsible for assessing the financial ability of insurers?
Standard and Poor's Corporation An S&P Financial Strength Rating is the agency's current opinion of the financial security aspects of an insurance company, with specific focus on the company's ability to pay claims on its insurance policies.
What is the monetary penalty for willfully violating a cease and desist order?
Willful violators of cease and desist can be fined up to $100 per day. If a consumer requests additional information concerning an investigative consumer report, how long does the insurer or reporting agency have to comply?
Which of the following is not a justifiable reason for the superintendent?
Which of the following is NOT a justifiable reason for the Superintendent to revoke, suspend, or refuse to renew a license? A licensee does not sell enough policies to reach his financial goals. Every insurer must file a fraud prevention plan within 150 days.
Who examines the books and records of insurance companies in Florida?
By examining the financial books and records of insurance companies and related entities, OIR evaluates the quality of assets, adequacy of stated liabilities, and general operating results. OIR is statutorily required to conduct a financial examination of each domestic insurer at least once every five years.
Which three requirements are the responsibility of an insurance company?
Collect premiums from the insured. Manage their reserves for claims. Pay claims to the insured.
Who administers Florida insurance laws?
The Bureau of Licensing administers the insurance laws, rules and regulations relating to license qualification, pre-licensing and continuing education.
Which of the following is not a responsibility of the Office of Insurance Regulation quizlet?
Terms in this set (15) which of the following is NOT a responsibility of Office of Insurance Regulation? Enacting new insurance laws.
How is the guaranty fund funded?
The Guaranty Fund is funded through assessments against member insurers made after a member insurer is declared insolvent by a court of law. These funds are used to pay valid claims, as well as administrative expenses.
How much is a guaranty fund?
The Guaranty Fund provides up to $500,000 of coverage to a life insurance policy owner, individual annuity (such as a single premium deferred annuity) contract holder or individual accident and health insurance policyholder, or any beneficiary, assignee, or payee of the foregoing.
What does the Superintendent do in a life insurance liquidation?
Both approaches are designed to enable the Superintendent to protect policy owners and creditors. If a life insurer is domiciled in another state and is placed in rehabilitation or liquidation in that state, ...
What happens if a contract does not guarantee annuity benefits?
If a contract does not guarantee annuity benefits with respect to any specific individual identified in the contract, then the Guaranty Fund will provide coverage for the total invested with the insurer, up to $1 million. If the contract guarantees annuity benefits with respect to specific individuals identified in the contract, ...
What is a guaranty fund?
The Guaranty Fund is a not-for-profit New York corporation that provides funds to New York resident and certain nonresident policy owners in the event of the insolvency of a licensed (or formerly licensed) life insurer.
What was the first state to provide consumers with a measure of protection against the insolvency of a domestic life?
In 1941, New York became the first state in the country to provide consumers with a measure of protection against the insolvency of a domestic life insurer. In 1985, the Life Insurance Company Guaranty Corporation of New York (the “Guaranty Fund”) was established to include licensed non-domestic life insurers.
How long does group health insurance last?
In addition, the full benefits of group accident and health insurance policies issued by licensed life insurers are protected for a minimum of six months.