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Indiana General Insurance Laws, Rules & Regs Section 1 Correct Answers Latest Version 2024
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Indiana General Insurance Laws, Rules & Regs Section 1 Correct Answers Latest Version 2024
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Indiana General Insurance Laws, Rules & RegsSection 1 Correct Answers Latest Version 2024
State Governments Answer: The insurance industry is primarily regulated by
Executive Branch Answer: Enforces the law
Legislative Branch Answer: Creates the law
Judicial Branch Answer: Interprets the law
Governor Answer: The Chief Executive Officer, tasked with enforcing Indiana's insurance laws,
appoints the Insurance Commissioner.
IDOI Answer: Indiana Department of Insurance
Insurance Commissioner Answer: Enforces State insurance law. Appointed by Governor, serves at
the pleasure, no set term in office. Solely selected on basis of knowledge and skill in insurance, must
post a bond of at least $50,000 to assure their faithful performance.
NAIC Answer: National Association of Insurance Commissioners, Indiana Commissioner is authorized
to participate.
Admitted Answer: Before an Insurance Company can do business in Indiana it must be admitted by
the IDOI. Stringent process, levels of capitalization, sound business plan, a board of Directors & Officers
that are of good character, etc.
, Certificate of Authority Answer: These are granted to all admitted companies. This is like what an
Insurance license is to a Producer.
5 years Answer: Commissioner must examine all companies doing business in Indiana at least
every...
May examine Answer: The commissioner, any company doing business at any time to ensure the
Company is financially sound.
Foreign or Alien Companies Answer: The Commissioner may waive the exam and accept the Home
State exam as adequate. If the Home State complies with the NAIC Model Exam procedures.
Due Process Answer: During an Exam the Commissioner locates a problem, he must provide the
Company Notice that there is a problem, and then conduct a Hearing to determine the extent of the
problem.
Fiscally Healthy Answer: If the company cannot be made, the Commissioner has the authority to
liquidate the Company for the benefit of the Policyholders.
NAIC fiscal examination Answer: If the Commissioner finds that a company cannot pass the, then he
must report his findings to the NAIC.
Property & Casualty Guaranty Association Answer: $100,000 per Claim, $300,000 per Occurrence,
For any claim for return of unearned premium, the Association will pay 80% of the unearned premiums
paid, or $650 per month for up to a maximum of 12 months ($7,800), whichever is LESS.
License Answer: Is the document issued by the Commissioner which authorizes a person to act as an
Insurance Producer.
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