Property & Casualty - PA - Insurance Regulation Latest 2024 Graded A+

Property & Casualty - PA - Insurance Regulation Latest 2024 Graded A+ Purpose of insurance regulation. Assure the public is treated fairly and equitably. Requirements to be licensed. Pre-licensing requirements, pass the exam, pay application fee Producer's license. Permitted to legally sell, solicit and negotiate contracts of insurance. Licensing requirements. 24 credit hours, pass exam, 18 yrs. or older, able to read and write English, not be a criminal, pay all fees, have professional competence and general fitness, integrity and character, maintain a legal business address in PA, get fingerprinted. P&C license fees. $55.00 resident producer, $110.00 non-resident producer. Lines or Authority Life, Accident & Health, Property, Casualty, Variable Life and Annuity, Personal..etc. Types of licenses. Insurance entities, resident producer, temporary license, managers & exclusive general agents. Insurance entities. Licensed by the Insurance Commissioner of the Commonwealth. Obtains a Certificate of Authority. Resident producer. Licensed in home state of PA, principal residence and/or business in home state. If moving into PA from other state, submit application within 90DAYS to obtain a PA resident insurance producer license. Temporary license. Issued due to death, disability or active military service. Issued if it is in the best interest of the public and if the person requesting is worthy. Issued for no more than 180DAYS. Not transferable. Used until: business is sold or transferred, producer recovers, replacement licensee hired. Temporary license qualifiers. Those who may receive a temporary license include; spouse or representative of deceased, designee of active military service person, someone the Commissioner determines. Managers & Exclusive General Agents. Firms/licensed producer who work as independent contractors for a domestic insurer. Produce for a specific geographic territory. Managers: Not agents, negotiate and bind re-insurance contracts. Exclusive General Agent: licensee, granted sole authority to act as a producer, can bind coverage, upwards of 25% of surplus. Insurance Department issues the license. Considered independent contractors of domestic insurers. License maintenance. Not transferable, good for 2 yrs., Renewal fees: $55.00 resident, $110.00 non-resident, $165.00 lapsed renewal fee. Reporting. Misconduct - 30DAYS to report action taken against them, Criminal - 30DAYS to report from charge date. Doing business under a fictitious name. Notify commissioner in writing, file with Dept. of State. Changes to address. 30DAYS to report to the Insurance Dept. Continuing education requirement. 24HOURS of credit for every 2yrs. Maximum of 24HOURS may be carried toward following 2yrs. Failure to do so = voluntary termination of license. Lapse of license/reinstatement. May request reinstatement if renewal is missed within 1yr. of the renewal date. If a request is made before 60DAYS then it will be retroactive. After 60DAYS not retroactive but will be reinstated. A failure to renew = you must reapply. Discipline. Insurance Department issues fines, revocation of, suspension of, non-renewal of, & denial of licenses. The following acts require discipline: acting without a license, doing business with unlicensed, representing unauthorized, soliciting for non-existent, rebating, twisting, illegal inducement & larceny. FINE