Penalties. a. In any case where a hearing pursuant to section 15 results in the finding of a knowing violation of this act, the commissioner may, in addition to the issuance of a cease and desist order as prescribed in section 17, order payment of a monetary penalty of not more than $500.00 for each violation but not to exceed $10,000.00 in the aggregate for multiple violations.
b. Any person who violates a cease and desist order of the commissioner under section 17 of this act may, after notice and hearing and upon order of the commissioner, be subject to one or more of the following penalties, at the discretion of the commissioner:
(1) A monetary fine of not more than $10,000.00 for each violation, or
(2) A monetary fine of not more than $50,000.00 if the commissioner finds that violations have occurred with such frequency as to constitute a general business practice, or
(3) Suspension or revocation of any insurance institution's or agent's license.
L. 1985, c. 179, s. 18.
Section: Previous 17-23a-13.1 17-23a-13.2 17-23a-13.3 17-23a-14 17-23a-15 17-23a-16 17-23a-17 17-23a-18 17-23a-19 17-23a-20 17-23a-21 17-23a-22 17-23b-1 17-23b-2 17-23b-3 Next
Last modified: October 11, 2016