Colorado Life Insurance Law exam 2023 with 100% correct answers

Insurance Commissioner Appointed by and serves at the will of the governor, hires employees to help carry out duties, deputy commissioner steps in when commissioner is out Commissioner's Duties -Maintaining records that insurers are required by law to file in Commissioner's office, annual report by March 1 -Requiring domestic insurers to keep adequate records and complies with the law -Certificate of authority- insurer's license to transact insurance business, expires on June 30 and renewed annually -Investigating violations of insurance laws and presenting findings -Transmitting funds collected by Division of Insurance to state Department of Treasury -Oversee operation of electronic data interchange projects for billing and health benefit coverage's -Adopting rules and regulations -Determining whether rates are excessive, inadequate, or unfairly discriminatory Commissioner Examinations Conduct formal financial examination of every insurer license in CO at least every 5 years, examinations outside of the state will be paid by insurance company, refusal to comply license could be suspended, revoked, denied, or non-renewed Investigating Possible Violations Commissioner is allowed free access to books and documents relating to insurer's business and may subpoena witnesses and administer oaths during an investigation Investigation of Application for Insurance Producer License Commissioner can examine/investigate person who is applying for license to determine if person has violated insurance laws or rules of the state or any other state Unfair Trade Practices Unfair method of competition or unfair deceptive act Emergency Cease and Desist Order Without a hearing if an unauthorized person is engaged in insurance business without license or in violation of a rule and appears to be fraudulent, creates immediate danger, or is about to cause significant public injury Records and Requests for Information Must be maintained for current calendar year plus 2 years prior Requests for Information Response to any Division inquiry must be within 20 calendar days from date of inquiry -Inquiries during market conduct or financial examination within 10 calendar days