Washington State Insurance Laws Correct 100%(GRADED A+)

Commissioner's Term of Office - ANSWER Elected by the voters 4 years Commissioner Powers - ANSWER Investigate insurance transactions, Adopt rules to regular unfair or deceptive acts and implement the legislature's insurance code Issue a cease and desist order to force compliance with insurance laws Prosecute a legal action to enforce the commissioner's orders Obtain and publish for the use of courts and appraisers, tables showing the average life expectanccy Disseminate information concerning the insurance laws Provide assistance to member of the public in getting information about insurance and resolving complaints Commissioner Examinations - ANSWER May examine Insurers and Producers records at any time, but must examine insurer's records every 5 years Commissioner Rate and Form Approval - ANSWER New policy forms and applications can't be used before they've been approved by the commissioner Property and Casualty Rates - Commissioner - ANSWER Must be filed with and approved by commissioner. Commissioner cannot set rates. Can reject for being excessive, inadequate, or unfairly discriminatory. Producer license suspension - ANSWER No more than 12 months Producer rights if Commissioner initiates disciplinary action - ANSWER Request hearing with commissioner or with an administrative judge and be represented by an attorney Selling insurance without a producer license - ANSWER Class B felony Court: jail term 10 years and/or criminal fine of $20,000 Commissioner: may issue cease and desist order, and call for a civil fine of $25,000 Policy Cancellation by Commissioner - ANSWER No advance notice if policy violates insurance laws Commissioner Fines - ANSWER Cease and desist - $250 Violating an insurance law - $1000 Selling insurance without license - $25,000 Insurer requirements - ANSWER Must have a Certificate of Authority issues by Commissioner. -be a stock, mutual, or fraternal insurer -comply with capital funds requirements