Section 500.7074 - Written findings of violation; issuance and service of findings and cease and desist order; additional orders.
THE INSURANCE CODE OF 1956 (EXCERPT)
Act 218 of 1956
500.7074 Written findings of violation; issuance and service of findings and cease and desist order; additional orders.
Sec. 7074.
If, after a hearing, the commissioner determines that a MEWA is violating or has violated a provision of this chapter, the commissioner shall reduce his or her findings and decision to writing, and shall issue and cause to be served upon the MEWA a copy of the findings and an order requiring the MEWA to cease and desist from engaging in the prohibited activity, and the commissioner may order any of the following:
(a) Payment of a monetary penalty of not more than $500.00 for each violation but not to exceed an aggregate penalty of $5,000.00, unless the MEWA knew or reasonably should have known it was in violation of this chapter, in which case the penalty shall not be more than $2,500.00 for each violation and shall not exceed an aggregate penalty of $25,000.00 for all violations committed in a 6-month period.
(b) Suspension or revocation of the MEWA's certificate of authority if the plan knowingly and persistently violated a provision of this chapter.
(c) Restitution or refund to an aggrieved person.
History: Add. 1986, Act 121, Eff. July 1, 1986
Popular Name: Act 218