Every insurer authorized in Louisiana files an annual statement of its financial condition with the commissioner. By when is that annual statement due, and as of what date does it show the company's condition?

Before March 1, showing its condition as of the preceding December 31

After a proper hearing, the commissioner finds that a health insurance issuer committed 150 separate violations of Louisiana's network adequacy subpart during one calendar year and decides to levy a fine instead of suspending or revoking its certificate of authority. What is the largest total fine the commissioner may levy for those violations?

$100,000, the aggregate cap for one calendar year

Under Louisiana's standard provisions for individual life insurance policies, what grace period must the policy allow for paying a premium due after the first premium?

Thirty days, or one month if the insurer elects that option

After a producer demands a hearing on an order of the commissioner, the department moves for a postponement, and the division of administrative law grants it for good cause. The producer does not agree to any further delay. What is the latest the hearing may be held?

Sixty days from the date of the producer's original written demand for a hearing

Louisiana's producer-of-record statute requires insurers to recognize a producer of record selected in writing by the policy owner or first-named insured. To which of the following does that statute expressly state it does not apply?

Limited benefit health insurance policies or contracts

A producer licensed in Louisiana is the subject of an administrative action by the insurance regulator of another state, and that matter has now reached its final disposition. Under Louisiana law, what must the producer do?

Report it to the commissioner within thirty days after the matter's final disposition, with a copy of the order

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1.Every insurer authorized in Louisiana files an annual statement of its financial condition with the commissioner. By when is that annual statement due, and as of what date does it show the company's condition?
Answer: D. Before March 1, showing its condition as of the preceding December 31
Louisiana requires the annual statement to be filed before March 1, reporting the company's condition as of the preceding December 31. A filing before May 15 reporting March 31 describes the first quarterly report, not the annual statement the question asks about. April 1 is not the annual deadline the statute sets. A January 31 deadline paired with a September 30 condition date matches no filing in the statute.
Source
La. Rev. Stat. Sec. 22:571(B)
Choose an answer to see the explanation.
2.A producer starts doing business under a trade name that the commissioner has never approved. Before any notice to cease is sent, what is the maximum fine the producer faces for using the nonapproved name?
Answer: B. $250
Under R.S. 22:1552(B), using a trade name that has not been approved exposes a producer to a fine of up to $250. The $5,000 cap is a separate, additional fine that applies only if the producer keeps using the name for ten or more days after the commissioner orders it to stop, and no such order has been sent here. Neither $50 nor $500 is the amount this subsection sets for using a nonapproved trade name.
Source
La. Rev. Stat. Sec. 22:1552(B)
Choose an answer to see the explanation.
3.After a proper hearing, the commissioner finds that a health insurance issuer committed 150 separate violations of Louisiana's network adequacy subpart during one calendar year and decides to levy a fine instead of suspending or revoking its certificate of authority. What is the largest total fine the commissioner may levy for those violations?
Answer: B. $100,000, the aggregate cap for one calendar year
In lieu of suspension or revocation, the commissioner may fine a health insurance issuer up to $1,000 per violation, but the total for all violations in a calendar year may not exceed $100,000 per issuer. At $1,000 each, 150 violations would come to $150,000, so the $100,000 aggregate cap controls. The $150,000 answer ignores that cap. The $1,000 answer treats the per-violation limit as the limit for all violations together. The $50,000 answer has no basis in the provision.
Source
La. Rev. Stat. Sec. 22:1019.3(D)(2)
Choose an answer to see the explanation.
4.Under Louisiana's standard provisions for individual life insurance policies, what grace period must the policy allow for paying a premium due after the first premium?
Answer: A. Thirty days, or one month if the insurer elects that option
Louisiana requires an individual life policy to include a grace period of either thirty days or, at the insurer's option, one month for any premium after the first, and the policy stays in full force during that period. A fixed thirty-one days with no alternative is wrong because the statute itself gives the insurer a choice between thirty days and one month. Ten days is the free look period found elsewhere in the same section, not the grace period. Sixty days does not appear in the grace period provision.
Source
La. Rev. Stat. Sec. 22:931(A)(1)
Choose an answer to see the explanation.
5.After a producer demands a hearing on an order of the commissioner, the department moves for a postponement, and the division of administrative law grants it for good cause. The producer does not agree to any further delay. What is the latest the hearing may be held?
Answer: B. Sixty days from the date of the producer's original written demand for a hearing
A demanded hearing must normally be held within thirty days after the division of administrative law receives the demand from the commissioner, but it may be postponed by mutual consent, on either party's motion for good cause, or by the division's order. Whatever the reason for a postponement, the hearing may not be held later than sixty days from the original demand unless all parties agree otherwise. Because the producer has not agreed, the sixty-day limit governs. The thirty-day period is not absolute, since good cause can postpone it, and a postponement does not remove the sixty-day ceiling. Ninety days from mailing of the order is not a limit this provision sets.
Source
La. Rev. Stat. Sec. 22:2191(B)(3)
Choose an answer to see the explanation.
6.Louisiana's producer-of-record statute requires insurers to recognize a producer of record selected in writing by the policy owner or first-named insured. To which of the following does that statute expressly state it does not apply?
Answer: A. Limited benefit health insurance policies or contracts
R.S. 22:1564(C) states that the producer-of-record section does not apply to limited benefit health insurance policies or contracts authorized in Louisiana. The other choices fall inside the section: Subsection (B)(1)(a) reaches any insurer issuing or delivering property, casualty, accident, or health insurance, or bonds, in Louisiana, so group accident and health coverage, commercial property coverage, and surety bonds are all within its producer-of-record rules.
Source
La. Rev. Stat. Sec. 22:1564(C)
Choose an answer to see the explanation.
7.Once the commissioner receives an insurer's notice appointing a producer, what is the longest time the commissioner may take to verify that the producer is eligible for the appointment?
Answer: D. 30 days
R.S. 22:1558(B)(2) directs the commissioner to verify a producer's eligibility within a reasonable time that may not exceed 30 days after the notice of appointment arrives. Fifteen days appears in the same section for other steps: the insurer's deadline to file the notice after the agency contract is signed, and the commissioner's deadline to tell the insurer of an ineligibility finding. Neither is the verification period. Ten and 45 days are not periods this subsection uses.
Source
La. Rev. Stat. Sec. 22:1558(B)(2)
Choose an answer to see the explanation.
8.A producer licensed in Louisiana is the subject of an administrative action by the insurance regulator of another state, and that matter has now reached its final disposition. Under Louisiana law, what must the producer do?
Answer: D. Report it to the commissioner within thirty days after the matter's final disposition, with a copy of the order
R.S. 22:1563(A) puts the duty on the producer: an administrative action another jurisdiction takes against the producer (or one taken by a different governmental agency in Louisiana) must be reported to the commissioner within thirty days after the matter is finally disposed of, and the report includes a copy of the order, consent order, or other relevant legal documents. The duty covers any administrative action, not only a revocation. The thirty days run from the final disposition, not from the start of an investigation. Leaving the report to the other state's regulator does not satisfy a duty the statute places on the producer.
Source
La. Rev. Stat. Sec. 22:1563(A)
Choose an answer to see the explanation.
9.On March 3 the commissioner determines that a producer named in an insurer's notice of appointment is ineligible to be appointed. By what date, at the latest, must the commissioner notify the insurer of that determination?
Answer: A. March 18
Under R.S. 22:1558(B)(2), when the commissioner finds a producer ineligible for appointment, the insurer must be told within 15 days of that finding. Fifteen days after March 3 is March 18. April 2 would apply the 30-day limit, but that limit governs how long the commissioner has to verify eligibility, not how soon an ineligibility finding must be reported. March 10 and March 13 reflect 7 and 10 day periods the subsection does not use.
Source
La. Rev. Stat. Sec. 22:1558(B)(2)
Choose an answer to see the explanation.
10.Dana holds a resident Louisiana producer license and moves her legal residence to Mississippi. Under Louisiana law, within what period after the change of legal residence must she file a change of address with Louisiana and provide certification from her new resident state?
Answer: B. Within 30 days
R.S. 22:1548(C) requires a resident producer who moves legal residence out of Louisiana, and a nonresident producer who moves from one state to another, to file a change of address and supply certification from the new resident state within 30 days of the move. The filing must list both the current and the prior addresses. The 10, 60 and 90 day periods are not the period this subsection sets for a producer moving out of Louisiana.
Source
La. Rev. Stat. Sec. 22:1548(C)
Choose an answer to see the explanation.

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1.Every insurer authorized in Louisiana files an annual statement of its financial condition with the commissioner. By when is that annual statement due, and as of what date does it show the company's condition?

2.A producer starts doing business under a trade name that the commissioner has never approved. Before any notice to cease is sent, what is the maximum fine the producer faces for using the nonapproved name?

4.Under Louisiana's standard provisions for individual life insurance policies, what grace period must the policy allow for paying a premium due after the first premium?

5.After a producer demands a hearing on an order of the commissioner, the department moves for a postponement, and the division of administrative law grants it for good cause. The producer does not agree to any further delay. What is the latest the hearing may be held?

6.Louisiana's producer-of-record statute requires insurers to recognize a producer of record selected in writing by the policy owner or first-named insured. To which of the following does that statute expressly state it does not apply?

7.Once the commissioner receives an insurer's notice appointing a producer, what is the longest time the commissioner may take to verify that the producer is eligible for the appointment?

8.A producer licensed in Louisiana is the subject of an administrative action by the insurance regulator of another state, and that matter has now reached its final disposition. Under Louisiana law, what must the producer do?

9.On March 3 the commissioner determines that a producer named in an insurer's notice of appointment is ineligible to be appointed. By what date, at the latest, must the commissioner notify the insurer of that determination?

10.Dana holds a resident Louisiana producer license and moves her legal residence to Mississippi. Under Louisiana law, within what period after the change of legal residence must she file a change of address with Louisiana and provide certification from her new resident state?

The other 448 questions are $29.