Term
| What are the duties of the commisioner? |
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Definition
The commissioner is empowered to issue:
- PROHIBITORY ORDERS
- MANDATORY ORDERS
- DECLARATORY ORDERS
& Require persons to submit reports and other material |
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Term
| What is an EXAMINATION by the commissioner and who PAYS? |
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Definition
- The commisioner is required to examine every domestic insurer & licensed rate service organization.
The commissioner is able to demand any accounts, records, documents, etc. Failure for the insurer to comply can result in LIQUIDATION of the BUSINESS.
- Cost is shared between domestic insurers.
- For NON-domestic insurers, costs must be paid by examinee within TEN (10) days
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Term
| How long does an aggrieved person have to request a hearing with the commisioner? |
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Definition
Thirty (30) Days after the mailing of the order.
After 30 days, one waives the right for a hearing. |
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Term
| How long does the commisioner have to hold a requested hearing? |
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Definition
He has to hold the hearing within
10 to 60 DAYS
after delivery of the request. |
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Term
| How long does an aggrieved person have to request a RE-hearing? |
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Definition
20 DAYS.
If the commissioner does not act within 20 days after the re-hearing request, the petition has been denied. |
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Term
| Can a person who was required to testify and give evidence at a hearing by the commisioner be criminally prosecuted after claiming self-incrimination? |
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Definition
| No, but a person is not exempt from prosecution and punishment for perjury, false swearing or contempt committed in testifying. |
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Term
| What is a compulsive forfeiture? How much is it? |
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Definition
If a person failed to comply with an order from the commisioner within TWO WEEKS after the notice is given, the commissioner can seek a compulsive forfeiture as considered by the court.
It can not exceed $5,000 for each day that the violation continues between the start of the action & the time the court renders judgement. |
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Term
| Who/What is a person that markets insurance but does not include an insurer? |
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Definition
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Term
| When does a person pay not more than $1,000 per violation, per day that it continues? |
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Definition
- Any person who violates an order after proper notice
Any person who violates an insurance statute or rule
- "FIRMS": if the violation is connected to an insurance policy or group certificate obtained through the firm
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Term
| What are criminal penalties for any person and corporation intentionally violating or any person intentionally aiding a violation? |
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Definition
A person may be fined not more than $5,000 or jailed for up to 3 years.
Corporations may be fined up to $10,000. |
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Term
What is the
INSURANCE SECURITY FUND? |
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Definition
A fund established to provide certain protections to policyholders in the event of the insurance company's liquidation.
The primary duty is to pay unpaid claims to insureds when the court has issued an order of liquidation against the insurance company. |
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Term
| Who places ceded reinsurance in this state and has an office or does business in this state and has an office outside the state unless licensed under a similar law in another state? |
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Definition
| Reinsurance intermediary-broker |
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Term
Who
- Solicits, negotiates, or places insurance on behalf of an insurer or person seeking insurance
OR
- Advises othe persons about insurance needs & coverages?
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Definition
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Term
| What are the 2 virtues required in order to be issued a license? |
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Definition
| Trustworthy and Competent |
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Term
| Does someone have to reside in Wisconsin to be eligible for an insurance license? |
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Definition
| No. However, they must agree to be subject to the powers of teh commission and state courts. |
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Term
| To qualify as an intermediary, does Wisconsin law require sponsorship by an insurance company? |
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Definition
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Term
| What additional requirements are there for surplus agents/brokers? |
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Definition
| The commissioner may require an agent or broker to supply a bond up to $100,000. |
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Term
TRUE or FALSE?
Applicants who have created a 2 year WI vocational shool degree in insurance
OR
A four (4) year college degree in business with an insurance emphasis exempt from pre-licensing requirements? |
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Definition
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Term
| Are agents required to complete continuing education? |
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Definition
Yes.
24 hours biennually.
3 of which must be ETHICS. |
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Term
| After how many months of having a revoked license does an applicant have to re-satisfy pre-licensing education and testing? |
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Definition
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Term
| Within how many days does an agent have to report change in name, mailing or home address in writing to the commisioner? |
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Definition
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Term
| How long must an agent maintain his/her records per Wisconsin law? |
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Definition
3 Years.
They must be kept at the agent's business address recorded with the commisioner. |
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Term
| What regulation charges must a licensed agent pay to the commisioner? |
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Definition
Resident Agents: $35 biennually
Non Resident Agents: $70 biennually |
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