Before it is granted a license, an insurance company must demonstrate compliance with strict capital, surplus, and financial requirements. The state issues a license only if it determines that the company is organized in such a way that it will protect the interests of its contract owners.
Insurance agents must be licensed by state insurance departments.
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Applicants must submit a form to the state providing information about their experience, character, and financial responsibility. They also have to pass a written examination.
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Insurance agents also must be appointed by each insurance company for which he or she serves as agent. Annuity contracts and related forms generally must be filed and approved in every state where they will be sold.
An alternative, more streamlined method of obtaining state approval is to file through the Interstate Insurance Product Commission IIPRC , of which 41 states are currently members. While there is no standard required form for annuity contracts, states and the IIPRC mandate that certain provisions be included in all contracts, such as a free-look provision that allows a contract owner to examine the contract for a period of time and return it for a refund if dissatisfied for any reason.
Amendments to contracts also must be filed and approved. All states, the District of Columbia, and Puerto Rico have guaranty funds to protect contract owners against insurance company insolvency. Coverage generally is not provided for variable annuity contracts other than those portions that are guaranteed by the insurance company, e.
Variable annuity contracts are issued through life insurance company separate accounts. An insurer or insurance agent must ensure that a system to supervise recommendations, which is reasonably designed to achieve compliance with this section, is established and maintained by complying with subparagraphs 3.
Maintaining written procedures. Conducting periodic reviews of its records that are reasonably designed to assist in detecting and preventing violations of this section.
A managing general agent and an insurance agency shall adopt a system established by an insurer to supervise recommendations of its insurance agents which is reasonably designed to achieve compliance with this section or shall establish and maintain such a system, including, but not limited to: a. Conducting periodic reviews of records that are reasonably designed to assist in detecting and preventing violations of this section. An insurer may contract with a third party, including a managing general agent or an insurance agency, to establish and maintain a system of supervision as required by subparagraph 1.
An insurer shall make reasonable inquiry to ensure that such third party contracting under subparagraph 3.http://4840.ru/components/handy-ueberwachung/woq-baixar-o.php
Continuing Education Course Applications
An insurer may comply with its obligation to make reasonable inquiry by: a. Annually obtaining a certification from a third party senior manager who has responsibility for the delegated functions that the manager has a reasonable basis to represent, and does represent, that the third party is performing the required functions. Based on reasonable selection criteria, periodically selecting third parties contracting under subparagraph 3. The insurer shall perform any procedures necessary to conduct the review which are reasonable under the circumstances.
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An insurer that contracts with a third party pursuant to subparagraph 3. An insurer, managing general agent, or insurance agency is not required by subparagraph 1.
Review or provide for review of all transactions solicited by an insurance agent; or. Include in its system of supervision an insurance agent s recommendations to senior consumers of products other than the annuities offered by the insurer, managing general agent, or insurance agency. A managing general agent or insurance agency contracting with an insurer pursuant to subparagraph 3.
What to submit in your continuing education course application:
A person may not provide a certification under sub-subparagraph 4. An insurance agent to take reasonably appropriate corrective action, including monetary restitution of penalties or fees incurred by the senior consumer, for any senior consumer harmed by a violation of this section by the insurance agent. A managing general agency or insurance agency that employs or contracts with an insurance agent to sell or solicit the sale of annuities to senior consumers to take reasonably appropriate corrective action for any senior consumer harmed by a violation of this section by the insurance agent.
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Suitability of Annuity and Life Insurance Transactions for Seniors
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