Terms And Steps To Become An Insurance Comissioners Flashacrds

These flashcards aim at teaching or testing you on what you know when it comes to the terms and steps to become an insurance commissioner. Insurance companies are on the rise, and they have a lot of things in common such as the laws regulating them and what they offer their clients. What makes you think you are qualified for this position? 

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Cards In This Set

Front Back
§ 31.001. DEFINITIONS: CommissionerDepartment
"Commissioner" means the commissioner of insurance. "Department" means the Texas Department of insurance.
§ 31.002. DUTIES OF DEPARTMENT:In addition to the other duties required of the Texas Department of Insurance, the department shall:
(1) Regulate business of insurance in TX; (2) Administer workers' compensation system of TX as provided by Title 5, Labor Code(3) Ensure this code (and other laws regarding insurance and insurance companies) are executed.
§ 31.021. CHIEF EXECUTIVE:(a) what is commissioner's title and admin job?(b) from where do commissioner's "powers and duties" stem?
(a) The commissioner is the department's chief executive and administrative officer. The commissioner shall administer and enforce this code, other insurance laws of this state, and other laws granting jurisdiction or applicable to the department or the commissioner.(b) The commissioner has the powers and duties vested in the department by:(1) This code and other insurance laws of this state; and (2) Title 5, Labor Code, and other workers' compensation insurance laws of this state.
§ 201.004. ELECTRONIC TRANSFERS: (a) what are commissioner duties regarding electronic money/fees owed/held for the benefit of TX dept?(b) amount that the commissioner shall require the electronic transfer of any amount held or owed that exceeds $_________.
(a) The commissioner shall adopt rules for the electronic transfer of any fee, guarantee fund, or other money owed to or held for the benefit of this state that the department has the responsibility to administer under this code or another insurance law of this state.(b) The commissioner shall require the electronic transfer of any amount held or owed that exceeds $500,000.
§ 404.051. IMPAIRMENT PROHIBITED: (a) The impairment of the _______ stock of a stock insurance company is ___________.(b) Impairment of the following surpluses in excess of that provided by Section 404.053 is prohibited: (provide three examples)
(a) The impairment of the capital stock of a stock insurance company is prohibited.(b) Impairment of the following surpluses in excess of that provided by Section 404.053 is prohibited:(1) The surplus of a stock insurance company; or (2) The minimum required aggregate surplus of a: (A) Mutual company; (B) Lloyd's plan; or (C) Reciprocal or interinsurance exchange.
§ 404.052. DETERMINATION OF IMPAIRMENT:(a) When determining under this subchapter whether the surplus or the minimum required aggregate surplus of an insurer is impaired, the commissioner shall charge against the insurer:(b) This section does not apply to a life insurance company.
(1) The reinsurance reserve required by the laws of this state; and(2) All other debts and claims against the insurer.
§ 404.053. REMEDY FOR IMPAIRMENT:(a) The commissioner shall order an insurer to remedy an impairment of the insurer's surplus, aggregate surplus, or aggregate of guaranty fund and surplus, as applicable, by bringing the surplus to an acceptable level specified by the commissioner, or to cease engaging in business in this state, if the commissioner determines that:
(1) The surplus required by Section 822.054, 822.202, 822.203, 822.205, 822.210, 822.211, or 822.212 of a stock insurance company engaged in the kind of insurance business described by the company's certificate of authority:(A) Is impaired by more than 50 percent; or (B) Is less than the minimum level of surplus required by risk-based capital and surplus rules adopted by the commissioner; or
§ 404.053. REMEDY FOR IMPAIRMENT:(2) The required aggregate of guaranty fund and surplus of a Lloyd's plan, or the required aggregate surplus of a reciprocal or interinsurance exchange or of a mutual company, other than a life insurance company, engaged in the kind of insurance business described by the insurer's certificate of authority:
(A) Is impaired by more than 25 percent; or (B) Is less than the minimum level of surplus required by risk-based capital and surplus rules adopted by the commissioner
§ 404.053. REMEDY FOR IMPAIRMENT:(b) After issuing _________________________, the commissioner shall immediately institute any proceeding necessary to determine_________________ in relation to the matter.
(b) After issuing an order described by Subsection (a), the commissioner shall immediately institute any proceeding necessary to determine what further actions the commissioner will take in relation to the matter.
§ 481.001. DEPOSIT WITH COMPTROLLERAn insurer organized/engaged in business under this code…that is required by another state/country/province as a condition of engaging in an insurance business in that state/country/province to make or maintain a deposit with an officer of any state/country/province may, at the insurer's discretion…
...voluntarily deposit with the comptroller cash or securities in an amount that is sufficient to satisfy the conditions of the other state/country/province.
§ 481.001. DEPOSIT WITH COMPTROLLER (b) Any _________deposited must be ___________________ as being of a type and character in which the insurer is authorized by law to invest.
(b) Any securities deposited must be approved by the commissioner as being of a type and character in which the insurer is authorized by law to invest.
§ 481.002. APPLICABILITY OF CHAPTER TO CERTAIN DEPOSITS:A __________ held by the comptroller or the department that was made by an insurer in this state before ______________________ may, at the insurer's option, be considered to be held under this chapter.
A voluntary deposit held by the comptroller or the department that was made by an insurer in this state before May 8, 1959, to gain admission to another state may, at the insurer's option, be considered to be held under this chapter.
§ 481.003. DUTIES OF COMPTROLLER. The comptroller shall receive a deposit made by an insurer as described by this chapter and hold it exclusively for the ______________________________________, as designated by the insurer at the time the insurer makes the deposit.
The comptroller shall receive a deposit made by an insurer as described by this chapter and hold it exclusively for the protection of all policyholders or creditors of the insurer, wherever they are located, or for the protection of the insurer's policyholders or creditors in a particular state/country/province, as designated by the insurer at the time the insurer makes the deposit.
§ 481.004. ACCESS TO DEPOSIT. In accordance with reasonable rules adopted by the comptroller and the commissioner, the proper officer of an insurer making a deposit as described by this chapter may at a reasonable time:
(1) examine the deposit; (2) detach coupons from the securities; and (3) collect interest on the deposit.
§ 481.005. SITUS OF DEPOSIT FOR TAX PURPOSES. For purposes of ______________, the situs of deposited securities is the municipality and county in which the principal business office of the _____________________ is fixed by the insurer's charter.
For purposes of state/county/municipal taxation, the situs of deposited securities is the municipality and county in which the principal business office of the insurer making the deposit is fixed by the insurer's charter.