What must a prohibited person obtain to transact insurance business under federal regulations?

In the context of federal regulations regarding insurance transactions, a prohibited person must obtain written consent from the Commissioner to engage in insurance business. This requirement is in place to help ensure compliance with laws that prevent individuals who have been convicted of certain crimes or are otherwise deemed unfit from operating within the insurance industry.

Written consent serves as a formal authorization that allows the individual to conduct business under specific conditions set forth by the regulatory authority. This helps maintain the integrity of the insurance market and protects consumers by ensuring that those who manage or provide insurance services meet necessary ethical and legal standards.

The other options do not align with the established regulatory framework. While a license from the state may be necessary for many insurance activities, it does not override the need for federal written consent when dealing with prohibited individuals. Similarly, verbal agreements and court approvals do not fulfill the specific requirement of written consent from the Commissioner, which is crucial in this scenario.