§ 27-72-16 - Penalties. [Effective July 1, 2010.].
SECTION 27-72-16
§ 27-72-16 Penalties. [Effective July1, 2010.]. – (a) It is a violation of this chapter for any person, provider, broker, or anyother party related to the business of life settlements, to commit a fraudulentlife settlement act.
(b) For criminal liability purposes, a person that commits afraudulent life settlement act is guilty of committing insurance fraud andshall be subject to additional penalties under § 27-54-1 et seq.
(c) The commissioner shall be empowered to levy a civilpenalty not exceeding one thousand dollars ($1,000) and the amount of the claimfor each violation upon any person, including those persons and their employeeslicensed pursuant to this chapter, who is found to have committed a fraudulentlife settlement act or violated any other provision of this chapter.
(d) The license of a person licensed under this chapter thatcommits a fraudulent life settlement act shall be revoked.