Within how many days must an insurance company submit notice of an agent's appointment to the department after execution of the contract?

The requirement for an insurance company to submit notice of an agent's appointment is established to ensure proper regulatory oversight and maintain an up-to-date record of licensed agents. When an insurance company engages an agent by executing a contract, it must notify the appropriate regulatory department within a specific timeframe.

The correct timeframe is 15 days after the execution of the contract. This prompt notice helps facilitate the licensing process and ensure that the agent's credentials can be verified, thus protecting consumers by ensuring that only qualified individuals are authorized to sell insurance products. Timely submission is crucial for compliance with state regulations and helps maintain the integrity of the insurance market.

The other timeframes provided do not comply with the established regulations, as they either allow too much time or not enough time for the necessary notification, which could hinder proper oversight and control within the insurance industry.