Life- Chapter 15 (AR State Law) Exam Questions and Answers 100% Verified

Insurance Commissioner - ANSWER-Appointed by the Governor with the advice and consent of the Senate. - ANSWER-Must be resident of this state and be at least 30 years of age. - ANSWER-Shall execute a $50,000 bond to the State of Arkansas. General Duties & Powers of Commissioner - ANSWER-General supervision, control, regulation or persons and companies authorized to transact the business of insurance in Arkansas. - ANSWER-Regulates premium rates, policy forms, insurer solvency. - ANSWER-Issues proper insurance license for agents, brokers, and Certificates of Authority for the insurers who qualify to conduct business in the state. - ANSWER-May institute audits, exams, investigations, etc. Examinations of Records - ANSWER-Can exam as often as he/she wants. - ANSWER-Must examine each insurer at least once every 5 years. - ANSWER-May examine each insurer applying for a Certificate of Authority. - ANSWER-May subpoena witnesses, administer oaths, and require the disclosure of books and records with respect to an exam. - ANSWER-Self Incrimination- any person who asks to be excused from attending, testifying, or producing any documents in connection with any exam. Hearings/Notice of Hearings/Orders - ANSWER-May hold hearing for any purpose within scope of the Insurance. - ANSWER-Must hold hearing within 30 days of its demand and give notice of date, time, location 10 days in advance. - ANSWER-Will make his/her order within 30 days after the end of the hearing.