Insurance WA Law|| 150 Questions|| Correct Solutions(RATED A+)

Insurance transactions are governed by - ANSWER the legislators Insurance code. the insurance Commissioners administrative rules and regulations Commissioners term of office - ANSWER commissioner is elected by the voters to a four-year term commissioner powers - ANSWER investigate Insurance transactions. adopt rules to regulate unfair or disruptive acts and implement the legislatures insurance code. issue a cease and desist order to force compliance. prosecute a legal action to enforce their orders. obtain and publish for courts or appraisers tables showing average life expectancy. disseminate information concerning Insurance industry. Help public with information and resolve complaints involving insurers who conducted the examination - ANSWER the insurance commissioner commissioner examinations - ANSWER records of both insurers and producers. as often as they want. at least once every 5 years commissioner- rate and form approval - ANSWER new policy forms and applications cannot be used until they've been submitted to the commissioner and approved. rates are approved by the commissioner. the commissioner May reject rates which are excessive, inadequate or unfairly discriminatory. the commissioner cannot set property or casualty rates initiates disciplinary action, either a producer or insurer may: - ANSWER request a hearing. request that the hearing be before an administrative law judge rather than the commissioner. be represented by an attorney administrative law judge - ANSWER a lawyer who works for the government if your company fires you do you have a right to a hearing? - ANSWER no, has to be initiated by the commissioner what is the punishment for selling insurance without a license - ANSWER a jail term of 10 years. a criminal fine of $20,000 or both what can the commissioner do if I'm selling insurance without a license? - ANSWER issue and enforce a cease and desist order. assess a civil fine of $25,000 for selling without a producer's license insurance without a producer's license is - ANSWER a class B felony punishable through a court, not the commissioner, by: a jail term of 10 years. a criminal find of $