NY License Exam - New York General Insurance Laws Questions and Answers Rated A

NY License Exam - New York General Insurance Laws Questions and Answers Rated A The Superintendent is the head of the Department of Insurance in New York. The _______ appoints the Superintendent to a four-year term. - Answer ️️ -governor If the Superintendent requests information during an examination or investigation and a person does not respond within ____ days, he or she may impose a penalty of up to $500 per day (not more than $10,000 total) for each day the person fails to respond. - Answer ️️ -15 If the Superintendent imposes five separate penalties against a person within five years for failing to respond to his or her inquiries, the Superintendent may levy an additional penalty of up to _________. - Answer ️️ -$50,000 To qualify for a certificate of authority, a mutual insurer must show that it: - Answer ️️ -(1) maintains the required surplus to fulfill its obligations to policyholders; (2) has the required number of applications for insurance; (3) has a genuine membership list; and (4) has received premiums from members and will issue policies within 60 days after receiving a certificate of authority. A producer's appointment of an agent remains in effect until - Answer ️️ -(1) terminated by the insurer; (2) the producer's license is suspended or revoked; or (3) the producer's license expires and is not renewed. Controlled business - Answer ️️ -insurance that is written primarily on the lives, property, or risks of the licensee or of the licensee's family members, employer, or business associates.