Connecticut Laws, Rules, & Regulations Common to All Lines Questions and Answers

Connecticut Laws, Rules, & Regulations Common to All Lines Questions and Answers Powers and duties of the Commissioner: {{Correct Ans- The primary duty of the Insurance Commissioner is to see that insurance laws are properly executed and the public interest is protected by enforcing these laws. Other powers of the commissioner include: {{Correct Ans- Conduct investigations and hearings and issue subpoenas, revoke licenses of insurers, producers, adjusters, and consultants for just cause; regulate insurers for solvency and regulate most insurance premium rates Other duties of the insurance commissioner include: {{Correct Ans- Issuing licenses and collecting appropriate fees, setting reserves for domestic companies, appointing examiners, issuing cease and desist orders, conducting hearings in connection with the wrongdoings of an insurer or licensee, and reporting illegalities in the insurance business to the state Attorney General Due process under the law requires notice and a hearing. If a person has been engaging in unfair acts, the commissioner will issue a notice of hearing that list the charges against the licensee. The hearing will be how many days after the serving of the notice? {{Correct Ans- 30 days The commissioner may subpoena, examine, and cross-examine witnesses. If any witness ignores a subpoena, and does not attend, the hearing, the witness will be charged with what? {{Correct Ans- Contempt of court The commissioner may assess a monetary penalty of not more than how much for each violation or unfair act not to exceed an aggregate of how much? {{Correct Ans- Not more than $5000 for each violation or unfair act not to exceed an aggregate of $50,000 If the violator knew or should've known, the law was being violated, the fine will be not more than how much per act, not to exceed an aggregate of how much in any six month period? {{Correct Ans- Not more than $25,000 per act, not to exceed an aggregate of $250,000 in any six month period