Washington State Insurance Laws Questions and Answers Graded A+

Washington State Insurance Laws Questions and Answers Graded A+ What is the Insurance Commissioner's primary duty? Administer and enforce the Insurance Code. T / F: The Insurance Commissioner prosecutes code violations. False: The IC may issue orders or bring court actions, but state attorneys prosecute. T / F: The Insurance Commissioner makes and interprets the Insurance Code. False: State legislature governs these laws. How often are Certificates of Authority examined? 5 years When must an insurer file a policy form or rate with the Insurance Commissioner? Prior to using How long may the Commissioner suspend a producer's license? 1 year How long may the Commissioner revoke a producer's license? 1 year How much written notice must the Commissioner provide before suspending, revoking or non- renewing a producer's license? 15 days How much written notice must the Commissioner provide when suspending a license as an emergency action to protect public safety? 3 days When can the Commissioner immediately revoke a license without a hearing? Upon sentencing for a felony conviction which demonstrates the licensee to be "untrustworthy" What are the minimum and maximum fines allowed by the Commissioner for code violations? $10 to $1,000 What is the maximum jail term for an insurance code violation? 364 days When must you pay code fines and penalties? 15 to 30 days after order to pay What happens if you fail to pay a code penalty? License revocation; action in civil courts to recover fine Where do Insurance Code fines go? Paid to WA State Treasurer and deposited in the general fund How long do you have to appeal the Commissioner's