Hawaii Life Insurance Quiz with Verified Answers

Cease & Desist - Commissioner has the authority to issue a cease and desist order to enforce compliance or any order of the commissioner. Oaths - the commissioner may take depositions, and subpoena witness or documentary evidence. He may administer oaths and examine under oath any person being examined to any hearing or investigation. Refusal to Testify - if an individual fails to appear to the commissioner’s subpoena, he can file an order to the local county to force that person to appear. Examination of records - The IC may examine the insurance documents of any producer, adjuster, or promoter. Examination expenses - examinations are at the expense of the insurer, person, or guaranty fund examined. Financials may be examined anytime, but at a minimum, every 5 years. Examination reports - -reports must be comprised only of facts from the insurer's documents and the testimony of its officers/ee's -Examiner in charge must file a written report of the examination under oath in 60 days, insurer will be given opportunity for rebuttal. Examination of Agents - IC may as often as deemed necessary examine the insurance accounts, records, documents, and transactions of: -Any producer, adjuster, or independent bill reviewer, including insurance agencies and surplus line agencies; or -Any person engaged in, or assisting in the promotion or formation of a domestic insurer, a stock corporation to finance a domestic mutual insurer, or the production of its business, or a corporation to be attorney-in-fact for a domestic insurer. Notice of hearings - the IC will hold hearings as required by Hawaii law which may be open to the public. Applications for a hearing must be in writing and specify the applicant's grievances and the grounds for relief.