Insurance Regulation
A New York licensee is disciplined by the insurance regulator of another state. What must the licensee do?
Answer and explanation
Answer: A. Section 2110(i) requires a licensee to report to the superintendent any administrative action taken against the licensee in another jurisdiction within thirty days of the final disposition of the matter. The duty is the licensee's, runs from final disposition rather than from first notice, and does not wait for renewal.Source: N.Y. Ins. Law § 2110 — 2110(i), Reporting administrative action
More insurance regulation questions
- A licensee proposes to give a consumer's nonpublic personal financial information to a nonaffiliated third party. What does Regulation 169 require first?
- A New York producer advises a client, submits her application, delivers the issued policy, and collects the first premium. Which of these acts is the sale under section 2101?
- A nonresident New York licensee moves and the new residence becomes a different home state. What does section 2134 add to the change of address duty?
- A person urges a New York resident to apply for a particular kind of insurance from a particular insurer. What is that under section 2101?
- A producer does not repeat a rumour defaming an insurer, but persuades a colleague to spread it. How does section 2604 treat the producer?
- A producer wants to share part of a commission with an unlicensed friend who introduced the client. What does section 2102(e) say?
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