Oklahoma Insurance Exam (State Regulations) Questions and Answers Rated A+

Oklahoma Insurance Exam (State Regulations) Questions and Answers Rated A+ Actuary a mathematician employed by the insurer who develops the rates for the insurer. Underwriter (Home Office Underwriter) and employee of the insurer What three things do Underwriters do? Gathers information analyses exposures (determines risk) selects risk for the insurer underwriting the process of selecting risks Producer (agent) (field underwriter) (agent underwriter) a person licensed to solicit, negotiate, sell, or service (practice) insurance on behalf of an insurer what is the purpose of insurance regulations? To protect the public interest. What are the three sources of state regulations? state federal self-regulation which of the following is the primary source of regulations? Federal State self-regulation state what is the name of the Oklahoma State Statutes and who are they enacted by? (certain title) O.S. Title 36 (the insurance code) enacted by the Oklahoma State Legislature. Under the state regulations, rules and regs are promulgated by the? and why? Oklahoma Insurance Department (OID) and to enforce the provisions of the insurance code. what role does the federal regulation play? the watchdog what does the federal regulations supervise? areas of insurance not covered by state regulations or when state jurisdictions are in conflict. Self- regulation by the NAIC. who is the NAIC National Association of insurance commissioners what is the NAIC? Is a voluntary non-profit org. the purpose is to promote uniformity among states by proposing standardized laws (Model legislation) has no legal authority makes recommendations to state insurance departments Oklahoma Insurance Commissioner is a member of? NAIC Who is the OIC and what duty does he play? CEO of the OID (Mr. Glen Mulready) and has the duty of administration and enforcement of the provisions