§431:3-221 Power to fine. In addition to or in lieu of the suspension, revocation, or refusal to extend any certificate of authority, the commissioner, after hearing, may levy a fine upon the insurer in an amount not less than $500 and not more than $50,000. The order levying the fine shall specify the period within which the fine shall be fully paid, which shall not be less than thirty nor more than forty-five days from the date of the order. Upon failure to pay the fine when due, the commissioner shall revoke the insurer's certificate of authority if not already revoked, and the fine shall be recovered in a civil action brought on behalf of the commissioner by the attorney general. Any fine so collected shall be paid by the commissioner to the director of finance for the account of the compliance resolution fund. [L 1987, c 347, pt of §2; am L 1999, c 163, §15(1); am L 2002, c 39, §10]
Section: Previous 431-3-214 431-3-215 431-3-216 431-3-217 431-3-218 431-3-219 431-3-220 431-3-221 431-3-301 431-3-302 431-3-302.5 431-3-303 431-3-304 431-3-304.5 431-3-305 NextLast modified: October 27, 2016