Insurance Regulation
Within what time must a person subject to section 405 report a transaction that appears to be fraudulent?
Answer and explanation
Answer: D. Section 405 requires the report to go to the superintendent, on the prescribed form, within thirty days after the person determines that the transaction appears to be fraudulent. Fifteen, sixty and ninety days do not match the reporting period the section sets.Source: N.Y. Ins. Law § 405 — § 405(a)
More insurance regulation questions
- 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?
- A purchaser asks for the amount of the producer's compensation three weeks after the policy is issued. What does Regulation 194 require?
- A temporary licence has been issued after the death of an agent. What may the temporary licensee generally do with the agency's book of business?
621 New York questions like this one.
Every answer explained, the ones you miss come back on a spaced schedule, and a plan built from your exam date.