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Home / Important Guide / Agents Beware

Agents Beware

As an insurance agent you may need to follow a few rules and regulations else invite the regulators ire. The insurance regulator may suspend, revoke, or refuse to renew or issue a new license if it finds any one or more of the following conditions:

• A materially untrue statement in the license application.



• Any cause for which issuance of the license could have been refused had it then existed and been known to the regulator at the time of issuance.



• Violation of or non-compliance with any issuance laws or for violation of any lawful rule regulation or order the regulator.



• Obtaining or attempting to obtain a license through misrepresentation or fraud



• Improperly withholding, misappropriating or converting to his or her own use any moneys belonging to policy holders, insurers, beneficiaries or others received in the course of his or her insurance business



• Misrepresentation of the terms of an actual or proposed insurance contract



• Conviction of a felony or misdemeanour involving moral turpitude



• The licensee has been found guilty of any unfair trade practice or fraud



• In the conduct of affairs under the license the licensee has used fraudulent, coercive or dishonest practices or has shown himself or herself to be incompetent, untrustworthy or financially irresponsible



• The applicant has been found to cheat in an examination for an insurance license.

The license of a partnership or corporation may be suspended, revoked or refused if the regulator finds, after hearing, that an individual licensee’s violation was known or should have been known by one or more of the partners officers or managers acting on behalf of the partnership or corporation and the violation was not reported nor corrective action taken.

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