Unit 23 - Life and Health

Insurance Commissioner Term

4 years

Max Fine—Transacting Without Certificate of Authority

$100,000

Max Fine—Acting Without a License

$50,000

Continuing Education (CE) Requirement

24 hours per two-year licensing period

CE Ethics Requirement

3 hours of ethics included in the 24 total hours

Life and Disability Analyst Requirement

Previously licensed for 5 years as a life and accident/health or sickness licensee

Transaction Record Retention

5 years after policy expiration

Notice of Appointment Deadline

14 days after a policy is issued if agent has not yet been appointed

Termination of Appointment Notice

15 days to notify the Commissioner

Max Fine—Fraudulent Claim Settlements

$150,000

Penalty—Obtaining Info Under False Pretenses

$10,000

Unfair Trade Practices Fine (Per Violation)

$5,000

Unfair Trade Practices Fine (Willful Violation)

$10,000

Max Fine—Violating Cease and Desist Order

$55,000 per violation

CA Guarantee Association—Life Death Benefits

$300,000 maximum liability

CA Guarantee Association—Life Cash Surrender Values

$100,000 maximum liability

CA Guarantee Association—Annuity Present Value

$250,000 maximum liability

CA Guarantee Association—Health Care Benefits

$200,000 maximum liability

CA Guarantee Association—Long-Term Care Insurance

$200,000 maximum liability

Senior Citizen Definition (CA)

Age 60 or older

Senior Disclosure of Meeting Intent

Must be delivered 24 hours before presentation

Senior Free-Look Period

30 days for individual life insurance and annuity contracts