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MINNESOTA LAWS, RULES, AND
REGULATIONS
Policies must be delivered or mailed to the insured within _____ ________ ______ of the producer's receipt from the insurer.
10 working days -Correct Answer โ โ Agent Conduct
A producer who is convicted of a felony, gross misdemeanor, or misdemeanor involving moral turpitude must report it to the Commissioner within ____ _________ ______ of the conviction.
six years -Correct Answer โ โ Agent Conduct
Financial and complaint records must be kept on file for _____ ________.
10 days -Correct Answer โ โ Agent Conduct
A producer who receives a policy cancellation request must make or initiate the refund within ____ _______ of the request.
four years -Correct Answer โ โ Insurance Company Conduct
Complaint records must be retained for _______ ________ after the complaint is made and must contain adequate information for easy retrieval.
three years -Correct Answer โ โ Insurance Company Conduct
Policy forms, applications, and advertising must be retained for _______ ________ after the effective date.
three years -Correct Answer โ โ Insurance Company Conduct
Requires insurance companies to disclose their privacy policy, and how a customer's personal (non-public) information may be used and shared with affiliates and third parties. The Act requires companies to provide their privacy policy when a policy is issued, and at least once a year thereafter.
Guaranty Association -Correct Answer โ โ Required Disclosures
The purpose of the Minnesota Insurance ____________ ______________ is to protect policyholders from an insurer's inability to pay claims due to insolvency or bankruptcy.
72 hours -Correct Answer โ โ Guaranty Association
The notice of policyholder rights must be given either at the time of application; if the application is not taken in person, notice must be
sent within _____ _________ of taking the application, or may be given at delivery.
Governor -Correct Answer โ โ Powers and Duties of
Commissioner
Appoints the Commissioner of Commerce
enforce insurance laws -Correct Answer โ โ Powers and Duties of
Commissioner
The Commissioner is empowered to_________________. (1 of 8 things)
five years -Correct Answer โ โ Powers and Duties of Commissioner
$10,000 for each day -Correct Answer โ โ Powers and Duties of
Commissioner
Any person who violates or aids and abets any violation of a written order may be fined up to _______________ the violation continues.
30 days -Correct Answer โ โ Powers and Duties of Commissioner
If the insurer (or producer) disagrees with the Commissioner's findings, the insurer (or producer) has the right to request a hearing within _____ ________ of the order. Once the hearing has been requested, the Commissioner has another 30 days to hold the hearing.
60 days -Correct Answer โ โ Powers and Duties of Commissioner
All accident and health policies must be filed with the Commissioner at least ______ ________ prior to use.
Domestic -Correct Answer โ โ Definitions
Any company that is incorporated or organized in the state of Minnesota.
Foreign -Correct Answer โ โ Definitions
Any company that is incorporated or organized in another state that does business in Minnesota.
fraternal benefit society -Correct Answer โ โ Definitions
A _____________ ____________ ____________ is not for profit and exists solely for the benefit of its members.
Minnesota law now requires both resident and nonresident accident/health insurance producers selling long-term care policies in Minnesota to complete a one-time, eight-hour partnership course and a four-hour refresher course every ________ _______ _________ the initial training.
24 credit hours -Correct Answer โ โ Continuing Education
Producers must complete a minimum of ____ _________ ________ of commissioner-approved courses during each two-year licensing period. At least THREE of those hours must be in a class or classes in the are of ethics.
half -Correct Answer โ โ Continuing Education
Only ______ the credit hours may be obtained through company- sponsored courses.
12 months -Correct Answer โ โ License Expiration
Initial licenses issued to an individual producer on or after August 1, 2010 are valid for at least _____ ________, but not more than 24 months.
last day of the birth month -Correct Answer โ โ License Expiration
The license expires on the _____________________ within that 12- to 24-month period of initial validity.
last day of the producer's birth month -Correct Answer โ โ License Expiration
Hires producers, supervises a territory, is responsible for agent activities, and must be licensed as an insurance producer.
30 days -Correct Answer โ โ When Commissioner non-renews or
denies a license application
The license applicant or licensee has ____ _______ to file a written request for a hearing to determine the reasonableness of the Commissioner's action.
30 days -Correct Answer โ โ When Commissioner non-renews or
denies a license application
The hearing must be held within _____ _______, and will be in front of an administrative law judge.
suspended -Correct Answer โ โ Revocation or Suspension of License
A license is ____________ for any period of not less than THREE months.
two years -Correct Answer โ โ Revocation or Suspension of
License
A person whose license is REVOKED is prohibited from license reapplication for at least ______ ________ from the effective date of the revocation.
$20,000 -Correct Answer โ โ Revocation or Suspension of License
As a condition of reapplication the producer must obtain a performance bond of at least _________ with the state of Minnesota as obligee.
To appoint a producer as its agent, the insurer must file a notice of appointment within ____ ______ from the date the agency contract is executed or submission of the firsts insurance application.
five days -Correct Answer โ โ Appointment
Upon receipt of the notice of appointment, the Commissioner will verify within 30 days that the producer is eligible for appointment. If the producer is ineligible for appointment, the Commissioner shall notify the insurer within ______ ______.
30 days -Correct Answer โ โ Termination of Appointment
An insurer that terminates a company appointment for any reason must notify the Commissioner within ____ _____ following the effective date of the termination.
15 days -Correct Answer โ โ Termination of Appointment
Within ____ ______ of notifying the Commissioner, the insurer must send written notice of the termination to the producer.
30 days -Correct Answer โ โ Termination of Appointment
Within ____ _______ after receiving notice of the termination, the producer may file written comments concerning the termination with the Commissioner.
$25 per offense -Correct Answer โ โ Termination of Appointment
Any insurer that fails to file a company appointment is penalized _____ _____ _________.
$300 -Correct Answer โ โ Termination of Appointment
The producer must notify the Commissioner within ____ _______ of a change of name, address, or any other information that was provided on the initial license application.
30 days -Correct Answer โ โ Notification Requirements
The producer must notify the Commissioner of any administrative action taken against the producer in another jurisdiction, or by another Minnesota governmental agency within ____ _____ of the final disposition of the matter.
30 days -Correct Answer โ โ Notification Requirements
The producer must notify the Commissioner of any criminal prosecution against the producer in any jurisdiction. This notification shall be made within ____ ______ of the initial pre-trial hearing date.
10 days -Correct Answer โ โ Notification Requirements
The producer must notify the Commissioner within ____ _______ of any conviction, guilty plea, or plea of no contest to any felony, gross misdemeanor, or misdemeanor involving moral turpitude.
12 months -Correct Answer โ โ Reinstating a Lapsed License
An individual producer whose license lapses may, within _____ _________ from the due date of the renewal fee, reinstate the license without having to pass a written exam.
Rebating -Correct Answer โ โ Trade Practices
Offering or giving any rebate of premiums, dividends, stock, bonds or securities, or anything else of value as an inducement to buy insurance.
