Oversight and Enforcement of Intermediary Conduct in Insurance Industry
Explore the oversight and enforcement measures in insurance intermediary conduct, covering prohibited behaviors, monitoring methods, enforcement options, and national databases tracking producer behavior.
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Presentation Transcript
Oversight and Enforcement of Intermediary Conduct Chlora Lindley-Myers Director of Missouri Department of Insurance October 23, 2018
Learning Objectives Explain prohibited conduct Identify methods of monitoring conduct Discuss enforcement options Explain national databases for tracking producer behavior
Prohibited Conduct Violating any insurance laws, regulation, or order of the insurance commissioner Using fraudulent, coercive, or dishonest practices Fales or deceptive marketing Misappropriation of funds Illegal rebates or inducement Selling unsuitable annuities False statement on insurance application Selling insurance products without a license
Monitoring of Conduct Consumer Complaints Investigations Part of market conduct examinations Review of marketing materials Producer signatures on applications Appointment records
Enforcement Options Settlement agreement/consent order Cease and desist order License suspension or revocation Restitution Referral to law enforcement
NAIC Databases Complaint Database System (CDS) Regulatory Information Retrieval System (RIRS) State Producer Licensing Database (SPLD)
