Connecticut Producer's Examination for Life/Accident and Health Insurance 2024 New Review

Connecticut Producer's Examination for Life/Accident and Health Insurance 2024 New Review Licensing Process - 1) Be 18 years or older 2) Be a U.S. citizen or a legally admitted alien 3) Complete all educational requirements 4)Pass exam 5) Be a legal resident at the time of application 6) Satisfy the Commission as to honesty, trustworthiness, integrity, and competency. Honesty, trustworthiness, and integrity will be established by the background check on the initial application. Types of licensees - - Producer (agent): represents insurers, appointed to transact on behalf of insured - Business entity: corporation/association/ partnership, must have a designated agent - Insurance agent: insurance producer authorized in writing by any insurance company to solicit, negotiate or sell insurance contract, or collect premiums Nonresident producers - · Nonresident producer: is domiciled and license as a resident producer in another state - Must submit license, fill out application, pay fee Temporary producer - · Temporary license : issued for continuation of existing business, short period, approved by the dept, nonrenewable, ~180 days License Renewal - -licenses expire 12/31 -renewed annually (> 12/1) -Cannot practice > 60 days after expiration Change in name or address - - Notify board within 30 days - producer must maintain proof of notice on file for 5 years Reporting of actions - A licensee must report any administrative action taken against him in another jurisdiction or state within 30 days of the final disposition of the matter. The report, filed with the Superintendent must include a copy of any relevant legal documents. 500.00 fine if not. no minor traffic infractions Assumed names - producers must only use their legal names...no aliases Continuing education requirements, exemptions, and penalties - - Must be renewed every 2 years - Continuing education- must be completed every reporting period - License is not required if a person does not receive commissions Disciplinary actions - - Disciplinary actions; § License denial, suspension, revocation or refusal to renew § Cease and desist order § Monetary fines Cease and desist order - issued by the commissioner to stop producing insurance due to illegal activity (may be issued before a hearing) Hearings - sessions held by committees or subcommittees to gather information and views from experts Suspensions, revocations, refusal to issue or renew, fines - -Any licensee who neglects or fails to satisfy continuing education requirements will be subject to license suspension until compliance Commissioner's general duties and powers - -