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New Jersey State Insurance Laws Exam Questions and Complete Solutions Graded A+
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New Jersey State Insurance Laws Exam Questions and Complete Solutions Graded A+
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New Jersey StateInsurance Laws Exam
Questions and Complete
Solutions Graded A+
Denning [Date] [Course title]
, Paul vs. Virginia 1869 - Answer: landmark decision establishing right of each state to regulate business
of insurance
US vs South Easter Underwriters Association 1944 - Answer: ruled insurance was interstate commerce,
when conducted across state lines, was subject to federal regulations
McCarran-Ferguson Act 1945 - Answer: ruled that states regulate and tax insurance business and
federal antitrust laws apply only to extent that state law does not regulate insurance
Commissioner of Dept of Banking and Insurance for NJ - Answer: appointed by Governor ; performs
duties and posers of the office
Broad powers of Commissioner of insurance - Answer: administering and organizing work, appointing
removing employees and officers; performing duties and powers, formulating, adopting issuing rules and
regulations, determining policy, instituting legal proceedings, report to Gov an annual operations report
and apoints advisory committees
Commissioner may order payment of penalty - Answer: not to exceed $1000 for each and every act or
violation of a method of competition or deceptive act or up to $5000 if the person knew or should have
known they were in violation
Commissioner may impose a fine in lieu of or in addition to other penalty - Answer: up to $5000 for 1st
violation and up to $10000 for subsequent violation for any NJ insurance law and may also order person
to pay cost of investigation and prosecution as well as restitution.
A prospective resident licensee must: - Answer: be at least 18 yrs old, completed an application, 20 hr
prelicensing course on each line of business applied for, paid fees, pass exam with 1 yr of application
date, and not committed any act that is ground for denial, suspension or revocation
Commissioner may authorized a temporary work authority - Answer: allowing applicant to begin work
when he has submitted proper form/ no info that may disqualifying the applicant from being licensed
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