MINNESOTA LAWS, RULES, AND REGULATIONS COMMON TO LIFE, HEALTH,
PROPERTY, AND CASUALTY INSURANCE EXAM 2024/2025
,MINNESOTA LAWS, RULES, AND REGULATIONS COMMON TO LIFE, HEALTH,
PROPERTY, AND CASUALTY INSURANCE EXAM 2024/2025
Powers and Duties of Commissioner
Appoints the Commissioner of Commerce - Precise Answer
✔✔Governor
Powers and Duties of Commissioner
The Commissioner is empowered to_________________. (1 of 8 things)
- Precise Answer ✔✔enforce insurance laws
Powers and Duties of Commissioner
The Commissioner shall examine the affairs and conditions of every
insurer licensed in Minnesota at least once every ________ ________. -
Precise Answer ✔✔five years
Powers and Duties of Commissioner
When conducting an examination, the Commissioner may retain
attorneys, appraisers, independent actuaries, or independent certified
public accountants as examiners; the cost is paid by_______________. -
Precise Answer ✔✔the company being examined
, Powers and Duties of Commissioner
Once the records have been examined, the Commissioner will issue an
_____________ _____________. Once issued, this report can be used as
evidence in any legal proceeding. - Precise Answer ✔✔examination
report
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. -
Precise Answer ✔✔$10,000 for each day
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. - Precise Answer
✔✔30 days
Powers and Duties of Commissioner
All accident and health policies must be filed with the Commissioner at
least ______ ________ prior to use. - Precise Answer ✔✔60 days
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