NY License Exam - New York General Insurance Laws questions wuth correct answers

The Superintendent is the head of the Department of Insurance in New York. The _______ appoints the Superintendent to a four-year term. CORRECT ANSWER governor If the Superintendent requests information during an examination or investigation and a person does not respond within ____ days, he or she may impose a penalty of up to $500 per day (not more than $10,000 total) for each day the person fails to respond. CORRECT ANSWER 15 If the Superintendent imposes five separate penalties against a person within five years for failing to respond to his or her inquiries, the Superintendent may levy an additional penalty of up to _________. CORRECT ANSWER $50,000 To qualify for a certificate of authority, a mutual insurer must show that it: CORRECT ANSWER (1) maintains the required surplus to fulfill its obligations to policyholders; (2) has the required number of applications for insurance; (3) has a genuine membership list; and (4) has received premiums from members and will issue policies within 60 days after receiving a certificate of authority. A producer's appointment of an agent remains in effect until CORRECT ANSWER (1) terminated by the insurer;