Unit 23 - DC Laws & Regulations – Common to Life & Accident & Health Insurance

Dates and Numbers (23 Cards)

The Council of DC make rules & regulations regarding the conduct of all insurance companies that do business in DC. Each insurance company shall appoint a suitable person in DC as the what for such company, who would be responsible for receiving any legal actions. If the insurance company does not appoint an REPEAT, the who is deemed the appointed REPEAT for these actions. The company refusing to appoint will be charged with a what & fined no more than how much per what per what?

Agent. Commissioner. Misdemeanor. $500. Per Day. Per Violation.

The mayor (or an appointed examiner) may do the following to insurance companies that is authorized to transact business in DC. The who examines all insurance companies at least how often every what years?

Commissioner. Once. 5 Years.

The commissioner may make public or private investigations inside or outside DC as they consider necessary. The hearing notice must be served at where (PPPB) by what (CM) and what (RRR) attached, at least how long and before what event?

Person’s Principal Place of Business. Certified Mail. Return Receipt Requested. 30 Days. The Hearing.

If the commissioner determines that a person has engaged in a prohibited activity, the commissioner may: issue an order against the person imposing a civil fine not exceeding the greater of how much per what of what or what the amount of money received by what (RotV).

$10k. Per Day. Violation. Twice. Reason of the Violation

A foreign or alien insurance company must have continuously transacted insurance business in its state or country of domicile for at least how many years before applying to transact business in DC, except for companies that: are owned or controlled by a company that has been linked in DC for at least how many years. Have surplus (or combined capital and surplus) of at least how much. Or have established at least how much escrow fund for the protection of DC policyholders and claimants.

Two Years. Three Years. $3M. $300k.

A what insurance company is owned and controlled by a group of what. A what insurer is owned by its what and doesn’t have what item. What type of companies must have at least how many of what, at least how much of insurance, and how many annual what paid in what upon the insurance subscribed.

Stock. Stockholders. Mutual. Policyowners. Capital Stock. Domestic Mutual. 200. Subscribers. $200k. One. Premium. Full.

A what (CoA) is an insurance company’s license to transact insurance business. All insurance companies must hold a REPEAT specifying the type(s) of insurance business they can transact in DC. REPEATS expire on what date?

The Commissioner can revoke or suspend the REPEAT for any company that: refuses to pay a what (FJ) within what time period?. The Commissioner must give a domestic stock insurance company how much notice and the opportunity for a what before revoking or suspending its REPEAT. The commissioner may fine up to how much for a violation (How much if intentional) if it is determined that the what (PI) is best served by the continued operation of the company.

Certificate of Authority. April 30th.

Final Judgment. 30 Days. 30 Days. Hearing. $10k. $25k. Public Interest.

All agents and brokers must be licensed by the who to sell insurance in DC. Any partnership or corporation that solicits or negotiates policies on behalf of an insurer also must be licensed as an insurance agent. The partnership or corporation must notify the Commissioner within how long of any change of the persons registered with the organization as licensed agents. Applicants must pass an examination with a minimum score of what, submit an application within how long of their exam, and be at least how old.

Commissioner. 10 days. 70%. One year. 18.

An insurance producer may not act as an agent of an insurer unless the producer becomes a what agent of that insurer. To REPEAT an insurance producer as its agent, an insurer must file a notice of REPEAT within how long from the date of what (ACiE), or the what (FIAiS).

Upon receipt of the notice of REPEAT, the commissioner must verify, within how long, that the insurance producer is eligible for REPEAT. If the insurance producer is determined to be ineligible for REPEAT, the commissioner must notify the insurer within how long?

Appointed. 30 days. Agency Contract is Executed. First Insurance Application is Submitted.

10 days. 5 days.

The following applicants for resident insurance producer licenses are not required to take a written examination: the applicant was previously licensed for the what (SLoA) in where (AS), files an application within how long of cancelling their previous license, and the state verifies the applicant was what (GS) in the state.

Same Lines of Authority. Another State. 90 days. Good Standing.

Licenses expire on what date of the producer every what. At least how long before the expiration of a license, the commissioner will mail a what (RA) to the license holder. An insurance agent who fails to renew a license before the expiration date may renew the license within how long after expiration if the agent pays what the license renewal fee. If an insurance agent fails to renew a license within 30 days of the expiration date, the license will what on when.

Last Day of the Birth Month. Two Years. 30 days. Renewal Application. 30 Days. Double. Lapse. Date of Expiration.

To renew an insurance license, an agent must certify to the commissioner that the agent has successfully completed at least how many credit hours of approved CE, including at least how many credit hours of what, within the what before the expiration of the license.

Courses can be taken either in a where or through a program of what. A licensee may not satisfy more than how much of their CE requirement for a particular licensure period with a course sponsored by a what. An insurance agent or broker renewing a license for more than one line of authority must complete at least how many credit hours of CE, including at least how many hours for each line of authority.

24. 3. Ethics. Two-Year Period.

Classroom. Independent study. Half. Insurance Company. 24. 6

The Commissioner may suspend or revoke the license of an agent or insurer. Anyone whose license is revoked can what the commissioner’s decision within how long. A person whose license has been what (RoRD) must wait before applying for reinstatement for how long from the date of the REPEAT unless the Commissioner provides otherwise.

In addition to or instead of revoking or suspending a license, the Commissioner may: fine violators up to how much or order the offender to pay what to any person who suffered financial injury or damage from the violation.

Appeal. 30 days. Revoked or Reinstatement Denied. 3 years

$5,000. Restitution

An insurance producer’s license remains in effect unless suspended or revoked provided CE is completed and fees are paid. If an insurance producer what a license, it may be what for up to how long without doing what requirement, with payment of how much for the normal renewal fee.

Lapses. Reinstated. 1 year. Written Exam. Twice

An insurance producer must report to the Commissioner any what (AA) taken against the producer in another jurisdiction or by another governmental agency in DC within how long of the final disposition of the matter. Within how long of the initial pretrial hearing date, an insurance producer must report to the Commissioner any what (CP) of the producer taken in any jurisdiction.

Administrative Action. 30 days. 30 days. Criminal Prosecution.

A licensee must inform the Commissioner of a change of the licensee’s what (RoBA) within how long of the change of REPEAT. A non-resident producer who moves from one state to another state or a resident insurance producer who moves from DC to another state shall file a change of REPEAT and provide certification of the resident state within how long after the change of REPEAT. A licensee must inform the Commissioner of a change of the licensee’s what (LoCN) within how long after the change of REPEAT. A person licensed as an insurance producer in another state who moves to DC shall make application within how long of establishing what (LR) to become a resident licensee.

Residential or Business Address. 30 Days. 30 Days. Legal or Corporate Name. 30 Days. 90 Days. Legal Residence.

The Commissioner may issue a temporary what (PL) for a period not to exceed how long without requiring an examination if the temporary REPEAT is necessary for the servicing of an insurance business.

Producer License. 180 days.

It is illegal for anyone to make an insurance contract or agreement other than that plainly expressed in the policy. The term “what” (VC) does not include any what (EM), what (PM), or what (AoM) that costs less than how much, regardless of whether a policy or contract is purchased.

Valuable Consideration. Education Materials. Promotional Materials. Articles of Merchandise. $75.

No person shall commit or perform any of the following with such frequency as to indicate a what (GBP). The Commissioner may impose a penalty of up to how much for each what.

General Business Practice. $1,000. Violation.

Any person who violates any of the provisions of this chapter will be issued a what (CaDO). If the violator fails to comply with the order, the Commissioner may impose a civil penalty of up to how much for each what. In addition to, or in lieu of, any applicable denial of renewal, suspension, or revocation of a license, the Commissioner may also impose a civil penalty not to exceed how much.

Cease-And-Desist Order. $1,000. Violation. $5,000.

Credit Life and Health Insurance, Definitions. These rules do not include what issued in connection with a what (LoOCT) of how long (DoM).

Insurance. Loan or Other Credit Transaction. Five Years’ Duration or More.

All policy forms, certificates of insurance, applications, binders, endorsements, and riders delivered in DC (and premium rates) must be filed with the Commissioner, who has how long to disapprove any form if: the premium rates charged appear to be what in relation to the what. Or the form contains provisions that are what (UoD).

30 Days. Excessive. Benefits Paid. unjust, Unfair, or Deceptive.