WV Life and Health or Sickness Insurance Laws and Regulations Questions and Correct Answers

The Chief operating officer of the Department of Insurance is The Insurance Commissioner Who appoints the Insurance Commissioner Governor What is the term for the Insurance commissioner 6 years What is the main job for the Insurance Commissioner and Insurance Department executing and enforcing state laws and regulations What are the Laws and Regulations intended to do promote the welfare of the general public and protect the public's interest How often does the The Insurance Department have the right to examine the affairs, transactions, accounts, records, documents and assists of each authorized insurer or licensed producer As ofter as he/she deems necessary How often does the Commissioner must examine each domestic insurer At least once every 5 years How often does the Insurance Commissioner must examine any foreign or alien insurer licensed to transact insurance in this state At least once every 5 years When conducting and examination The Commissioner may hire attorneys, appraisers, independent actuaries, independent certified public accountants or other professionals and specialist as examiners. Who must pay the cost of this The insurance company being examined If the Examiners are NOT granted free access to all materials requested what would the repercussions be The license of the person being examined will be revoked All insurers subject to examination must pay an annual examination assessment fee to the Commissioner by when? The first day of July If an individual requests a hearing it must be held within how many days of receipt of request 45 days