DC Insurance Licensing and Regulation 2

Question 1

What DC government agency is responsible for regulating insurance companies and licensing insurance producers?

Accepted Answer

DC Department of Insurance, Securities and Banking (DISB)

Answer

DC Department of Consumer and Regulatory Affairs (DCRA)

Answer

DC Office of the Attorney General

Answer

DC Department of Health

Question 2

A DC insurance producer license must be renewed every how many years?

Accepted Answer

2 years

Answer

1 year

Answer

3 years

Answer

5 years

Question 3

How many continuing education (CE) hours must a DC licensed insurance producer complete per renewal period?

Accepted Answer

24 hours

Answer

12 hours

Answer

16 hours

Answer

30 hours

Question 4

A DC non-resident producer who holds a valid license in their home state wants a DC license. What process typically applies?

Accepted Answer

Reciprocity—the producer may obtain a DC non-resident license without re-testing if DC has a reciprocal agreement with the home state

Answer

Full DC pre-licensing exam required regardless of home state license

Answer

Must work for a DC-domiciled agency for one year before applying

Answer

Non-residents are not permitted to hold DC insurance licenses

Question 5

Which act requires insurers to provide policyholders with a notice of their privacy practices?

Accepted Answer

Gramm-Leach-Bliley Act (GLBA)

Answer

HIPAA

Answer

Fair Credit Reporting Act (FCRA)

Answer

Sarbanes-Oxley Act

Question 6

What is the maximum civil penalty DISB may impose on a licensed producer for a single violation of DC insurance law?

Accepted Answer

$10,000

Answer

$500

Answer

$1,000

Answer

$5,000