Montana State Life Insurance Practice Exam

When must the appointing insurer file the appointment to the Commissioner?

1. Within 15 days of the appointment's effective date

2. Within 30 days of the appointment's effective date

3. Immediately upon appointment

4. Within 60 days of the appointment's effective date

The correct answer is: Within 15 days of the appointment's effective date

The appointing insurer is required to file the appointment with the Commissioner within 15 days of the appointment's effective date. This timeframe ensures that regulatory oversight is maintained and that the Commissioner has up-to-date information regarding who is authorized to act on behalf of the insurer. Timely reporting is crucial for compliance with state insurance regulations and helps in maintaining accurate records of licensed producers or agents. Other options indicate longer durations which do not align with Montana's regulatory requirements, as these would delay the appointment reporting and potentially disrupt the enforcement of insurance laws. It's essential in the insurance industry to have prompt communication regarding individual appointments to uphold accountability and transparency.