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WA LAW RULES AND REGULATIONS TEST WITH VERIFED SOLUTIONS.
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WA LAW RULES AND REGULATIONS TEST WITH VERIFED SOLUTIONS.
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WA LAW RULES ANDREGULATIONS TEST WITH
VERIFED SOLUTIONS
scope nof ncode n- ncorrect nanswer-All ninsurance nand ninsurance ntransactions nin
nthis nstate.
Public nInterest n- ncorrect nanswer-The nbusiness nof ninsurance nis none naffected nby
npublic ninterest. nAll nperson nshould nact nin ngood nfaith nand nabstain nfrom
ndeception.
Examine nof nRecords n- ncorrect nanswer-IC nshall nexamine neach ninsurer nholding na
ncertificate,rating norganizations nand nexamining nbureaus nat nleast nevery n5 nyears. n
IC nmay naccept nan naudit nof nout nof nstate ninsurers nfrom ntheir nstate nof ndomicile
nor nport-of-entry nstate.
IC nmay nexamine ninsurance nproducers, nadjusters nor ntitle ninsurance nagents nor na
nperson nholding nshares nor nproxies nof ndomestic ninsurers nfor nthe npurpose nof
ncontrol nof nits nmanagement.
, IC nshall nmaintain nrecords nfor npublic ninspection. n(Trade nsecrets nare nexcepted.)
Unlicensed nactivities n- ncorrect nanswer-Unlicensed nactivities nare na nClass nB
nfelony n- na nfine nof nup nto n$20,000 nand n10 nyears nimprisonment.
Civil nPenalties n- nIssue na ncease nand ndesist, nsuspend nor nrevoke, nor nfine
n$25,000/violation.
Rates n& nForms n- ncorrect nanswer-Most npolicies nmust nbe nfiled nat nleast n30 ndays
nbefore nuse nwith nthe nIC. n
If nno naction nhas nbeen ntaken nby nthe nIC, nthe npolicy nwill nbe ndeemed napproved.
Insurance nTransaction n- ncorrect nanswer-Solicitation
Negotiations
executions
transactions
insuring
Scope nof nCode npenalties n- ncorrect nanswer-person nviolating nany nprovision nof
nthis ncode nguilty nof na nmisdemeanor nand nupon nconviction nbe nfined nno nless nthan
n$10-$1000, nimprisonment nnor nmore nthe n364 ndays, nor nboth
Authorized nInsurer n- ncorrect nanswer-must nhave na ncertificate nstating:
Insurer nname
Location nof nprincipal noffice
Kinds nof ninsurance nauthorized nto ntransact nin nthis nstate
Unauthorized nInsuer n- ncorrect nanswer-is nnot nconsidered nan ninsurance
ntransaction. n
Doing nbusiness nas nan nunauthorized ninsurer nmy nresult nin na nfine nof n$25,000.
The nIC nmay nenforce nthe nlaw neven nif: n- ncorrect nanswer-the nlicensed nhas
nlapsed:
A nrevoked/suspended nlicense nmust nbe nsurrendered.
The nIC nmay nplace nprovisions non: n- ncorrect nanswer-regular nreports
the npractice nto nbe nlimited
Renewal nof nCE ncredits
What nwill nhappen nif nmangers ndon't nreport nviolations? n- ncorrect nanswer-license
nmy nbe nrevoked
A nlicense nshall nbe nsuspended: n- ncorrect nanswer-for nnon-compliance nof na
nDSHS norder
Suspension npenalities n- ncorrect nanswer-May nnot nexceed n12 nmonths n& nfine
nshall nbe nno nmore nthan n$1000 nper nviolation. nMust nbe npaid nwithin n30 ndays.
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