Difference between revisions of "Porter.5-Opns-State"
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| + | Porter Chapter 5, ''State Department of Insurance Operations'', covers the various functions of the state DOI. The most important subtopic concerns types of filing laws ''(prior approval, file & use, use & file, no-file.)'' | ||
| + | |||
[https://www.battleacts6us.ca/vanillaforum6us/categories/porter-5-opns-state<span style="font-size: 12px; background-color: lightgrey; border: solid; border-width: 1px; border-radius: 10px; padding: 2px 10px 2px 10px; margin: 0px;">'''Forum'''</span>] | [https://www.battleacts6us.ca/vanillaforum6us/categories/porter-5-opns-state<span style="font-size: 12px; background-color: lightgrey; border: solid; border-width: 1px; border-radius: 10px; padding: 2px 10px 2px 10px; margin: 0px;">'''Forum'''</span>] | ||
| − | == | + | ==Study Tips== |
| + | This is another chapter you could probably skip entirely. I was able to answer the past exam questions without having looked at Porter Chapter 5 at all. If you want to study this chapter, you can do it in under 30 minutes. | ||
==BattleTable== | ==BattleTable== | ||
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: {| class="wikitable" style="width: 1000px;" | : {| class="wikitable" style="width: 1000px;" | ||
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|- | |- | ||
| − | ! style="width: 175px;" | reference !! part (a) !! part (b) !! part (c) !! part (d) | + | ! style="width: 175px;" | reference !! style="width: 175px;" | part (a) !! style="width: 185px;" | part (b) !! style="width: 175px;" | part (c) !! part (d) |
|- | |- | ||
| [https://www.battleacts6us.ca/pdf/Exam_(2015_2-Fall)/(2015_2-Fall)_(02).pdf <span style='font-size: 12px; background-color: yellow; border: solid; border-width: 1px; border-radius: 5px; padding: 2px 5px 2px 5px; margin: 5px;'>E</span>] <span style="color: red;">'''(2015.Fall #2)'''</span> | | [https://www.battleacts6us.ca/pdf/Exam_(2015_2-Fall)/(2015_2-Fall)_(02).pdf <span style='font-size: 12px; background-color: yellow; border: solid; border-width: 1px; border-radius: 5px; padding: 2px 5px 2px 5px; margin: 5px;'>E</span>] <span style="color: red;">'''(2015.Fall #2)'''</span> | ||
| − | || | + | || '''disapproved filing''': <br> - reasons |
| − | || | + | || '''no-file laws''': <br> - argue FOR |
| − | || | + | || '''SCENARIO''': <br> - types of rate filings |
| − | || | + | | style="background-color: lightgrey;" | |
|} | |} | ||
| + | |||
[https://www.battleacts6us.ca/FC.php?selectString=**&filter=both&sortOrder=natural&colorFlag=allFlag&colorStatus=allStatus&priority=importance-high&subsetFlag=miniQuiz&prefix=Porter&suffix=5-Opns-State§ion=all&subSection=all&examRep=all&examYear=all&examTerm=all&quizNum=all<span style="font-size: 20px; background-color: lightgreen; border: solid; border-width: 1px; border-radius: 10px; padding: 2px 10px 2px 10px; margin: 10px;">'''Full BattleQuiz]'''</span> <span style="color: red;">'''You must be <u>logged in</u> or this will not work.'''</span> | [https://www.battleacts6us.ca/FC.php?selectString=**&filter=both&sortOrder=natural&colorFlag=allFlag&colorStatus=allStatus&priority=importance-high&subsetFlag=miniQuiz&prefix=Porter&suffix=5-Opns-State§ion=all&subSection=all&examRep=all&examYear=all&examTerm=all&quizNum=all<span style="font-size: 20px; background-color: lightgreen; border: solid; border-width: 1px; border-radius: 10px; padding: 2px 10px 2px 10px; margin: 10px;">'''Full BattleQuiz]'''</span> <span style="color: red;">'''You must be <u>logged in</u> or this will not work.'''</span> | ||
| Line 29: | Line 34: | ||
==In Plain English!== | ==In Plain English!== | ||
| − | + | The main question from this chapter is this: | |
| + | |||
| + | :{| class='wikitable' | ||
| + | |- | ||
| + | | '''Question''': what in the world does the state DOI do ''(DOI = Department of Insurance)'' | ||
| + | |} | ||
| + | |||
| + | :* Well, it turns out they do a lot of things the public doesn't normally think about. The text lists 9 functions and I've put them into 3 groups because that makes them easier for me to remember: | ||
| + | |||
| + | ::: '''Group 1''': licensing & regulation | ||
| + | ::: - licensing of insurers ''(for insurers doing business in their state)'' | ||
| + | ::: - licensing of producers ''(sellers may have to pass exams, pay licensing fees, perform continuing education)'' | ||
| + | ::: - regulation of rates & coverages ''(<u>see below</u> for 4 types of rate filings)'' | ||
| + | ::: - regulation of claims adjusters ''(market conduct exams may include claims adjusting & settlement practices)'' | ||
| − | + | ::: '''Group 2''': insurer solvency | |
| + | ::: - financial exams ''(includes financial statements, IRIS,...)'' | ||
| + | ::: - monitor sale of insurance securities ''(stocks, bonds, real estate, loans)'' | ||
| + | ::: - determine need for receivership ''(either <u>rehabilitation</u> or <u>liquidation</u> of an impaired insurer)'' | ||
| − | + | ::: '''Group 3''': other services | |
| + | ::: - fraud prevention ''(NAIC has an online fraud reporting system)'' | ||
| + | ::: - consumer services ''(education, complaint resolution)'' | ||
| + | Let's go into a little more detail on the '''Group 1''' item of ''rate regulation'': | ||
| − | + | :{| class='wikitable' | |
| + | |- | ||
| + | | '''Question''': briefly describe the 4 types of <u>rate regulation</u> | ||
| + | |} | ||
| + | :* These are listed from ''strongest regulation'' → ''weakest regulation'': | ||
| + | ::: '''prior approval''': rates must be approved before use ''(use varies by line of business)'' | ||
| + | ::: '''file & use''': rates must be filed before use | ||
| + | ::: '''use & file''': rates may be used immediately but must be filed within a specified time frame ''(like 30 days)'' | ||
| + | ::: '''no-file''': rates may be used without filing ''(sometimes called open competition)'' | ||
| − | + | [https://www.battleacts6us.ca/FC.php?selectString=**&filter=both&sortOrder=natural&colorFlag=allFlag&colorStatus=allStatus&priority=importance-high&subsetFlag=miniQuiz&prefix=Porter&suffix=5-Opns-State§ion=all&subSection=all&examRep=all&examYear=all&examTerm=all&quizNum=1<span style="font-size: 20px; background-color: aqua; border: solid; border-width: 1px; border-radius: 10px; padding: 2px 10px 2px 10px; margin: 10px;">'''mini BattleQuiz 1]'''</span> <span style="color: red;">'''You must be <u>logged in</u> or this will not work.'''</span> | |
| − | == | + | [https://www.battleacts6us.ca/FC.php?selectString=**&filter=both&sortOrder=natural&colorFlag=allFlag&colorStatus=allStatus&priority=importance-high&subsetFlag=miniQuiz&prefix=Porter&suffix=5-Opns-State§ion=all&subSection=all&examRep=all&examYear=all&examTerm=all&quizNum=all<span style="font-size: 20px; background-color: lightgreen; border: solid; border-width: 1px; border-radius: 10px; padding: 2px 10px 2px 10px; margin: 10px;">'''Full BattleQuiz]'''</span> <span style="color: red;">'''You must be <u>logged in</u> or this will not work.'''</span> |
Revision as of 19:33, 27 March 2019
Porter Chapter 5, State Department of Insurance Operations, covers the various functions of the state DOI. The most important subtopic concerns types of filing laws (prior approval, file & use, use & file, no-file.)
Study Tips
This is another chapter you could probably skip entirely. I was able to answer the past exam questions without having looked at Porter Chapter 5 at all. If you want to study this chapter, you can do it in under 30 minutes.
BattleTable
Based on past exams, the main things you need to know (in rough order of importance) are:
reference part (a) part (b) part (c) part (d) E (2015.Fall #2) disapproved filing:
- reasonsno-file laws:
- argue FORSCENARIO:
- types of rate filings
Full BattleQuiz You must be logged in or this will not work.
In Plain English!
The main question from this chapter is this:
Question: what in the world does the state DOI do (DOI = Department of Insurance)
- Well, it turns out they do a lot of things the public doesn't normally think about. The text lists 9 functions and I've put them into 3 groups because that makes them easier for me to remember:
- Group 1: licensing & regulation
- - licensing of insurers (for insurers doing business in their state)
- - licensing of producers (sellers may have to pass exams, pay licensing fees, perform continuing education)
- - regulation of rates & coverages (see below for 4 types of rate filings)
- - regulation of claims adjusters (market conduct exams may include claims adjusting & settlement practices)
- Group 2: insurer solvency
- - financial exams (includes financial statements, IRIS,...)
- - monitor sale of insurance securities (stocks, bonds, real estate, loans)
- - determine need for receivership (either rehabilitation or liquidation of an impaired insurer)
- Group 3: other services
- - fraud prevention (NAIC has an online fraud reporting system)
- - consumer services (education, complaint resolution)
Let's go into a little more detail on the Group 1 item of rate regulation:
Question: briefly describe the 4 types of rate regulation
- These are listed from strongest regulation → weakest regulation:
- prior approval: rates must be approved before use (use varies by line of business)
- file & use: rates must be filed before use
- use & file: rates may be used immediately but must be filed within a specified time frame (like 30 days)
- no-file: rates may be used without filing (sometimes called open competition)
mini BattleQuiz 1 You must be logged in or this will not work.
Full BattleQuiz You must be logged in or this will not work.
