[§431:2-405] Insurance fraud; administrative penalties. (a) In addition to or in lieu of criminal penalties under section 431:2-403(b), any person who commits insurance fraud as defined under section 431:2-403, may be subject to the administrative penalties in this section.
(b) If a person is found to have knowingly committed insurance fraud under this part, the commissioner may assess any or all of the following penalties:
(1) Restitution to any insurer or any other person of benefits or payments fraudulently received or other damages or costs incurred;
(2) A fine of not more than $10,000 for each violation; and
(3) Reimbursement of attorneys' fees and costs of the party sustaining a loss under this part; provided that the State shall be exempt from paying attorneys' fees and costs to other parties.
(c) Administrative actions brought for insurance fraud under this part shall be brought within six years after the insurance fraud is discovered or by exercise of reasonable diligence should have been discovered and, in any event, no more than ten years after the date on which a violation of this part is committed. [L 2009, c 149, pt of §2]
Section: Previous 431-2-307 431-2-307.5 431-2-308 431-2-401 431-2-402 431-2-403 431-2-404 431-2-405 431-2-406 431-2-407 431-2-408 431-2-409 431-2-410 431-2d-101 431-2d-102 NextLast modified: October 27, 2016