WA State Laws and Regulations for Life and Disability Insurance Already Passed

WA State Laws and Regulations for Life and Disability Insurance Already Passed The comissioner serves a term of __ years. 4 The Commissioner must execute a bond of $_____ per year. 25,000 The commissioner must examine each insurer at least every ___ years. 5 ___ day's notice required for the Commissioner to suspend or revoke a license. 15 Suspension or revocation is effective no less than ___ days after a hearing. 10 ___ days' notice to temporarily suspend a license, if emergency action is needed. 3 maximum length of license suspension 12 months Persons violating any provision will be fined up to $___. 1,000 Civil penalty for persons knowingly engaging in insurance activities without a license is $_____. 25,000 ___ days is needed from licensees time to notify the Commissioner of address change. 30 A surplus lines affidavit must be filed with the Commissioner within ___ days after the insurance transaction. 60 Washington Life and Disability Guaranty Association (protects insureds from impaired or insolvent insurers) limit is $___. 500,000 Applicant needs to be at least ___ years old. 18 A temporary insurance producer license may be issued for up to ___ days. 180 A nonresident producer must file a change of address within ___ days. 30 Appointment: Days from the agency contract date, or the date that the first insurance application is submitted than an insurer must file a notice of appointment is ____ days. 15 Appointment: When terminating a producer appointment for cause, an insurer must inform the Commissioner within ___ days of the termination. 30 Unless suspended or revoked, licenses renew every ___ years. 2 License renewal fee is $___. 55 Continuing Education: CE requirement for each 2 year licensing term is ___ credit hours. Number of hours required for ethics CE is ___.