Adjuster Pro - Indiana - Chapter 6 - Section E Insurance Rules and Regulations Exam

National association of insurance commissioners (NAIC) - ANSWER - non-profit drafts model legislation to address emerging problems in the industry helps keep state laws uniform while maintaining more localized control insurance commissioners - ANSWER - states elect them to regulate the insurance industry maintain insurer solvency regulating rates protecting consumers making insurance available for all individuals indiana commissioner of insurance - ANSWER - protects the citizens of IN by making insurance rules and regulations keep on file a set of all insurance rules and regulations license and oversee insurers oversee the examinations of all insurance professionals keep all insurance transaction records available to the public indiana commissioner of insurance has the power to: - ANSWER - investigate all infractions of insurance rules and regulations place an insurer on probation for up to one yr for each violation fine an insurer up to $5k for each violation notify the attorney general and begin criminal proceedings against an insurer Indiana Certificate of Authority - ANSWER - needed for domestic, foreign and alien insurers to do business in IN IN rules for risk retention group - ANSWER - must spread all or part of a liability exposure to its group members must be organized for the primary purpose of spreading that risk must be chartered and licensed as a liability insurance company name must contain the words 'risk retention group' must not exclude members to give competitive advantage must give members part ownership members must be engaged in similar businesses group must inform policyholders that it is n