Washington state laws Correct 100%(SCORED A+)

How often is the commissioner elected - ANSWER Every 4 years The commissioner may supply how much of a surety bond? - ANSWER $25,000 Who is the commissioner - ANSWER Mike Kreidler The commissioner duties - ANSWER -Administrate and enforce the provisions of the insurance code -Make reasonable rules and regulations for effectuating any provision of the insurance code -conduct investigation to determine whether any person or company has violated any provisions of the insurance code. -take action against insurance companies for healthcare service contractor by revocation or suspension of it certificate of authority -fine insurance companies -revoke and suspend license of insurance licensees i.e. agents and brokers or fine them The commissioner does not - ANSWER -make the code or develop insurance policies -legislate how many agents or companies may hire -Put insurance policies together -decide on the constitutionality of the codes -endorse any insurance company Who is responsible for monitoring the insurers financial status. - ANSWER The examiner, who must examine each authorized insurer at least every 5 years but may at any time Cease and desist - ANSWER An order given by an administrative agency or judge to stop some illegal or deceptive activity (this happens when commissioner believes any person is violating the insurance law) business entity - ANSWER an organization operated to earn a profit Home state - ANSWER Where you get your license; If you change residency you change this Insurance - ANSWER A product that transfers risk from an individual to an insurance company or organization Insurance Producer - ANSWER An agent- a person who sells, solicits or negotiates insurance. Ins