Under the Federal Insurance Fraud and False Statements Act, what must a person do to resume transacting business in a state after being prohibited?

The correct answer revolves around the requirement established under the Federal Insurance Fraud and False Statements Act for individuals who have faced prohibition from transacting business in a state. Specifically, the law mandates that a person must submit a 1033 waiver form and seek approval from an insurance regulatory official in their state to resume business activities.

The 1033 waiver process is an integral part of ensuring that individuals with a history of certain offenses are scrutinized before being allowed to operate within the insurance industry again. The approval from a regulatory official reflects a system of accountability designed to protect consumers and maintain the integrity of the insurance market.

In contrast, other options such as completing a training program or providing a personal guarantee do not align with the formal legal requirements set by the Act. Furthermore, simply calling the state insurance commissioner does not constitute a procedural step that leads to the restoration of business permissions. Thus, understanding the necessity of the 1033 waiver is crucial for compliance with regulations stemming from the Federal Insurance Fraud and False Statements Act.