§ 27-29-6 - Cease and desist orders and modifications of those orders.
SECTION 27-29-6
§ 27-29-6 Cease and desist orders andmodifications of those orders. – (a) If after a hearing the insurance commissioner shall determine that themethod of competition or the act or practice in question is unfair and that theperson complained of has engaged in a method of competition, act, or practicein violation of this chapter, the commissioner shall reduce his or her findingsto writing and shall issue and cause to be served upon the person charged withthe violation an order requiring the person to cease and desist from engagingin the method of competition, act, or practice. The commissioner may, at thecommissioner's discretion order: (1) payment of a monetary penalty of not morethan five thousand dollars ($5,000) for each violation, but not to exceed anaggregate penalty of one hundred thousand dollars ($100,000), unless theviolation was committed flagrantly in a conscious disregard of this chapter, inwhich case the penalty shall not be more than twenty-five thousand dollars($25,000) for each violation not to exceed an aggregate penalty of two hundredfifty thousand dollars ($250,000); or (2) suspension or revocation of theinsurer's license if the insurer knew or reasonably should have known that itwas in violation of this chapter.
(b) Until the expiration of the time allowed under §27-29-7(a) for filing a petition for review, if no petition has been duly filedwithin that time, the insurance commissioner may at any time upon the noticeand in the manner the commissioner shall deem proper, modify or set aside inwhole or in part any order issued by the commissioner under this section.
(c) After the expiration of the time allowed for filing apetition for review, if no petition has been duly filed within that time, theinsurance commissioner may at any time, after notice and opportunity forhearing, reopen and alter, modify or set aside, in whole or in part, any orderissued by the commissioner under this section whenever in his or her opinionconditions of fact or of law have changed as to require that action or if thepublic interest shall require.