State of Illinois Property and Casualty Laws Exam Questions and Answers (Solved Papers) Powers and Duties of the Director - Correct Answers ✅1.Approve all policy forms, but cannot approve or disapprove premium rates on most types of insurance.
- Create rules and regulations that support the law.
- Conduct investigations, examinations and audits to
- Take action to enforce the law, such as, issuing fines,
- Refer a case to the State Attorney General for criminal
- Any person involved in forming an insurance company in
- Any licensed producer, firm, administrator or applicant for
- Any person adjusting clanims or financing premium.
determine if the law has been violated.
revoke or suspend a license or deny an application for a license.
prosecution in a court law.The Director of Insurance or a designee can examine (investigate)any of the following - Correct Answers ✅1.Any insurance company doing business in Illinois
Illinois.
an insurance license.
Examinees may be subpoena - Correct Answers ✅1. If anyone refuses to be examined or ignores a subpoena, he or she can be fined $2,000. 1 / 2
State of Illinois Property and Casualty Laws Exam Questions and Answers (Solved Papers)
- Persons being examined have 14 days from the day they
- The Director must provide a 10 days notice of the time and
- The Director will issue a final report of the examination
- Violating a written order can be fined up to $20,000.
- The fine for ignoring a cease and desist order is $100 per
- After the cease and desist order has become final and is in
- If the action results in misappropriation of funds, it's a
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receive the report to request a hearing.
place of the hearing.
within 90 days of the exam or hearing.
Cease and Desist Orders - Correct Answers ✅1. The hearing must be held between 20 and 30 days from the date of the order.
day, not to exceed $5,000.
effect, any person who violates it will be fined $1,000 for each violation.Acting as a producer without a license - Correct Answers ✅1. Is a Class A misdemeanor.
Class 4 felony.Illinois law allows the following professionals to give insurance advice without having a license - Correct