New Jersey Life Producer Law Practice Test

Which entity has the authority to revoke a producer's license in New Jersey?

1. The State Legislature

2. The Governor's Office

3. The Banking and Insurance Commissioner

4. The Insurance Fraud Bureau

The correct answer is: The Banking and Insurance Commissioner

The authority to revoke a producer's license in New Jersey lies with the Banking and Insurance Commissioner. This role involves overseeing and regulating the insurance industry within the state, which includes the licensing of insurance producers. The Commissioner has the power to enforce laws and regulations, ensure compliance among licensed producers, and take necessary disciplinary actions, including license revocation when warranted. The other entities mentioned do not have this specific authority. The State Legislature creates laws, but it does not directly handle individual licensing issues. The Governor's Office may play a role in appointing the Commissioner and influencing policy, but the day-to-day regulatory decisions, such as revoking licenses, are not part of the Governor's direct responsibilities. Similarly, the Insurance Fraud Bureau focuses on investigating insurance fraud and does not have the authority to revoke licenses. Thus, the Commissioner is definitively the correct answer for this question.