State RegulationsNC specificDifficulty 1/5
An insurer terminates a producer's appointment in North Carolina, for cause or otherwise. Within what time limits must notice be given?
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Answer & full 3-part explanation (select an option above, or peek)
Why D is correct
Under G.S. 58-33-56, an insurer terminating a producer must notify the Commissioner within 30 days after the termination takes effect and send a copy of the notification to the producer within 15 days. The producer may then submit written comments to the Commissioner within 30 days after receiving the copy.
Why the other options are wrong
- A is wrong because it reverses the limits: the Commissioner gets notice within 30 days and the producer's copy goes out within 15 days.
- B is wrong because the copy to the producer is due within 15 days, not 30 days.
- C is wrong because the notice to the Commissioner is due within 30 days, not 15 days.
Memory hook
Termination notice: 30 to the Commissioner, 15 to the producer.