GA PROPERTY & CASUALTY INSURANCE TEST- GA RULES & REGULATIONS STUDY GUIDE SOLUTIONS

GA PROPERTY & CASUALTY INSURANCE TEST- GA RULES & REGULATIONS STUDY GUIDE SOLUTIONS GA Insurance Commissioner - ANSWER-Ralph Hudgens - Serves as Chief Officer of Department of Insurance - Fire Marshall Chief -Elected every 4 years - Can run as as many time as you want - Reports to state legislature - Must not have a financial interest with an insurer - The Commissioner must appoint a chief deputy commissioner and when appointed they are required to have a $15k bond - Chief Deputy Commisioner assumes Commissioner's duties in the Commissioner's disablity or absence Copyright ©EMILLYCHARLOTE 2025 ACADEMIC YEAR, ALL RIGHTS RESERVED. Page 2/10 - Must examine Financial Records of Insurance Companies (at least every 5yrs) Investigation - ANSWER--gather information related to activities of insurance companiew, agents and other in the conduct of insurance transactions -empowered to subpoena witness and ask questions of those commanded to such hearings Hearing and Judicial Review - ANSWER-- person must make written request to have public hearing -Commissioner feels there are grounds for hearing, hearing will be held in 30 days - serve notice of hearing by registered mail - Commissioner may preside or assign designated reps. as a hearing officer Penalties - ANSWER-- Superior Court of Fulton County are the only ones that can over-turn decision of Ins. Commissioner. Copyright ©EMILLYCHARLOTE 2025 ACADEMIC YEAR, ALL RIGHTS RESERVED. Page 3/10 - Commissioner can impose penalty provided by law against any person who has been investigated and found responsible for violation without a hearing - Wrongdoer can request hearing within 10 days of receipt of order Violation of Code the Commissioner may order; -Cease and desist - Probation is 1 yr for each violation - Payment of fine of not more than $1000 for each violation - Payment of fine of not more than $5000 for each violation for intentional violations ADMINISTRATIVE SUPERVISION OR SUSPENSION OF CERTIFICATE OF AUTHORITY - ANSWER-1. Commissioner may without advance notice or hearing place and insurance company under admin. supervision or suspend immediately the certificate of authority for FINANCIAL DISTRESS. 2. revocation, suspension or restriction of the insurance company's authority in another state Copyright ©EMILLYCHARLOTE 2025 ACADEMIC YEAR, ALL RIGHTS RESERVED. Page 4/10 Producer (Agent) in GA - ANSWER-- at least 18 yrs old - reside and be present in State of GA for at least 6 mnths every year - no denial, suspension, or revocation of license - no conviction of felony (especially theft of money) -completed prelicensing course of study for the lines of insurance for which you are applying -courses must be approved by Commissioners office - Life, Accident and Sickness - 40 hrs of course work -Property and Casualty Lines - 40 hrs of course work - P& C Personal Lines - 30 hrs of course wor