Chapter 10. Missouri Statutes, Rules and Regulations Common to All Lines

1. Who appoints the Director of Insurance?

➡️ The Governor

2. What are the duties of the Director of Insurance?

➡️ Regulate internal affairs of the Department of Insurance and examine insurers; does not write laws

3. Can a person hold multiple licenses of the same type?

➡️ No, only one license per type is allowed.

4. Can an agent hold more than one license?

➡️ Yes, but only for different lines of authority.

5. What must a producer be licensed in to transact insurance?

➡️ The specific line of authority.

6. What must producers avoid?

➡️ Unfair trade practices.

7. What must insurers obtain to legally operate in a state?

➡️ A Certificate of Authority.

8. What must insurers avoid?

➡️ Unfair trade and unfair claim settlement practices.

9. What must insurers maintain?

➡️ Solvency.

10. What is the purpose of the Insurance Guaranty Association?

➡️ To protect policyowners, insureds, and beneficiaries from insurer insolvency.

11. Are all admitted insurers required to be part of the Insurance Guaranty Association?

Yes

12. What is an unfair trade practice related to the Guaranty Association?

➡️ Saying that policies are guaranteed by the Association.

13. What are the age and character requirements for getting licensed?

➡️ Must be at least 18 years old and of good character.

14. What must applicants do to get licensed?

➡️ Pass exam, submit application and fees, and have no disqualifying violations.

15. What are the types of licenses?

➡️ Resident, nonresident, and business entity producers.

16. How often must licenses be renewed?

➡️ Every 2 years.

17. What ongoing requirement must producers meet?

➡️ Complete continuing education each reporting period.

18. What disciplinary actions can be taken?

➡️ License denial,

cease & desist order,

suspension,

revocation,

refusal to renew,

monetary fines.