Jonathan holds a resident insurance producer license in State X and a non-resident license in State Y. On March 10, 2026, State Y's Department of Insurance formally notifies him of an investigation regarding a recent sales practice. On April 5, 2026, State Y issues a final consent order suspending his non-resident license. Subsequently, Jonathan moves to a new primary residence within State X on April 12, 2026. Under the NAIC Producer Licensing Model Act, which of the following correctly identifies Jonathan's mandatory notification deadlines to his resident State X?
- AHe must report the initiation of the investigation by April 9, 2026, and his residential address change by May 12, 2026.
- He must report the final consent order by May 5, 2026, and his residential address change by May 12, 2026.Cevap
- CHe must report both the final consent order and the change of residential address within 15 days of their respective effective dates.
- DHe is only required to report the change of residential address by May 12, 2026, because State Y's disciplinary action pertains strictly to a non-resident license.
Cevap
He must report the final consent order by May 5, 2026, and his residential address change by May 12, 2026.
The correct answer accurately applies the standard NAIC 30-day reporting rule to both events. The administrative action reporting window begins on the date of the final disposition (the April 5th consent order), making the deadline May 5th. The address change reporting window begins on the date of the move (April 12th), making its deadline May 12th.
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Anahtar Kavram
Producers must report any change of address and any administrative action taken in another jurisdiction to their resident state's insurance department within 30 days of the change or the final disposition.
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