Louisiana Automobile Adjusters License Questions & Answers 100% Verified

Interstate Commerce - ANSWER-Traffic, intercourse, commercial trading or the transportation of persons or property between or among several states of the union or from or between points in one state and points in another state. Paul vs. Virginia - ANSWER-1869; Ratified the regulation of insurance by the states as Congress cannot regulate non-interstate commerce and the 10th Amendment passes the authority on to the state. US vs. Southeast Underwriter's Association - ANSWER-1944; Supreme Court reverses Paul vs. Virgina by ruling insurance as interstate commerce subject to Federal Anti-Trust Laws. McCarron-Ferguson Act - ANSWER-Public Law 15; exempts the insurance industry from Federal Anti-Trust Laws as long as the states maintained a comprehensive regulatory system. Federal Anti-Trust Laws would apply if state regulations were not effective. Gramm-Leach-Bliley Act of 1999 - ANSWER-Financial services moderation act; stipulates that each portion of the financial services business is to be regulated separately. Allows states to continue regulating insurance without interfering in a bank's ability to sell insurance. Department of Insurance (DOI) - ANSWER-Falls within the executive branch of the LA State Government. Enforces laws enacted by the LA Legislature. These laws regulate formation of Insurers, capital and surplus requirements, licensing of producers and adjusters, investment of funds, financial requirements for maintaining solvency, insurance rates, marketing and claims practices, taxation of Insurers, and the rehabilitation of financially impaired Insurers or the liquidation of insolvent ones