Insurance Regulation
To whom does a licensed producer send a report of a suspected fraudulent insurance transaction under section 405?
Answer and explanation
Answer: A. Section 405 directs the report to the superintendent on a prescribed form, and it binds licensees and others engaged in the business of insurance who are exempt from licensing. Prosecutors, the insurer's own investigators and national databases are not the recipient the section names.Source: N.Y. Ins. Law § 405 — § 405(a)
More insurance regulation questions
- 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?
- A producer's home state licence was cancelled two months ago. Under section 2103(g)(11), may a nonresident New York licence still be issued without examination?
621 New York questions like this one.
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