Section 412:40 Penalties.
I. The commissioner, may upon a finding that any person or organization has violated any provisions of this chapter, impose a penalty of not less than $500 or more than $10,000 for each violation, but if the violation is found to be willful, a penalty of not less than $1,000 or more than $25,000 may be imposed for each violation. Separate penalties may be in addition to any other penalty provided by law.
II. For purposes of this chapter, any insurer using a rate for which the insurer has failed to file the rate, supplementary rate information, underwriting rules or guidelines, or supporting information as required by this chapter, shall have committed a separate violation for each day such failure continues.
III. The commissioner may suspend or revoke the license of any advisory organization, statistical agent or insurer that fails to comply with an order of the commissioner within the time limited by such order, or any extension thereof which the commissioner may grant.
IV. The commissioner may determine when a suspension of license shall become effective and it shall remain in effect for the period fixed by the commissioner, unless the commissioner modifies or rescinds such suspension, or until the order upon which such suspension is based is modified, rescinded or reversed.
V. No penalty shall be imposed and no license shall be suspended or revoked except upon a written order of the commissioner stating his or her findings, made after hearing.
Source. 2003, 150:1, eff. Jan. 1, 2004.