Chapter 18 Laws and Rules Pertinent To Insurance Exam Questions & Answers 100% Correct

Director of Insurance - ANSWER-they over sea the Insurance industry in South Carolina. Examination of Records - ANSWER-The Directer must examine the financial affairs of every Insurer in South Carolina prior to giving them a certificate of authority. The Insurance company has to be examined every 5 years. notice of hearing - ANSWER-the Director may call and hold hearings for any purposed deemed necessary and the notice of hearing must be giving to the person 30 days prior of the hearing. Cease and Desist Order - ANSWER-the Director may issue a cease and desist order to any person found to have committed an unfair act or violated a state Insurance law. Certificate of Authority - ANSWER-the Director will examine the financial affairs of all Insurers before issuing a certificate of authority to do business in South Carolina. Solvency - ANSWER-the Director will suspend the certificate of authority insurer that becomes insolvent is threatened with insolvency or committed a legal crime. Rates - ANSWER-the Director has the authority to make reasonable rates(premiums). Policy forms - ANSWER-the Director uses policy forms for the approval of an Insurer and notifies the Insurer within 30days after that to let hime know if it has been approved or not. Reinstatement - ANSWER-a lapsed license will be renewed on 6 months along with a fee.