Life-Producer Exam Dumps : Maryland Life Producer Exam (Series 20-27)

Comprehensive and Detailed Step by Step Explanation:The Maryland Insurance Administration (MIA) is astate governmententity responsible for regulating the insurance industry in Maryland.

State government (B):MIA enforces insurance laws, reviews policy forms, licenses insurers and producers, and investigates consumer complaints.

Federal government (A):Oversees broader regulations, like ERISA, but does not directly manage state-level insurance matters.

National Association of Insurance Commissioners (C):A regulatory support organization, not a governing body.

Maryland General Assembly (D):Creates state laws, but enforcement falls under the MIA.

References: Maryland Insurance Administration Overview and State Regulatory Framework.

Comprehensive and Detailed Step by Step Explanation:Insurance licensees in Maryland are required to report certain changes to the Maryland Insurance Administration (MIA):

Change of name (A):Must be reported promptly to ensure accurate licensure records.

Change of residence address (B):Also required for communication and compliance purposes.

Felony convictions (D):Mandatory disclosure to maintain transparency and evaluate fitness for licensure.

Change in financial status (C):Not required unless it directly affects the licensee’s ability to meet financial obligations tied to the license (e.g., bonding requirements).

References:Maryland Insurance Code §10-118, COMAR 31.03.01.

Comprehensive and Detailed Step by Step Explanation:Maryland law requires that the results of medical examinations used to determine insurability:

Be disclosed to thephysician of the applicant’s choice (B), but only if the applicant requests it.

This ensures privacy and confidentiality while giving the applicant access to critical information.

Beneficiaries (A)andunderwriters (C)do not receive this information.

Physicians furnishing information (D)already have access to their own submissions.

References: Maryland Insurance Code on Privacy and Disclosure of Medical Information.