§ 27-9.1-7 - Penalty for violation of cease and desist orders.
SECTION 27-9.1-7
§ 27-9.1-7 Penalty for violation of ceaseand desist orders. – Any insurer which violates a cease and desist order of the director and, whilethe order is in effect, may, after notice and hearing and upon order of thedirector, be subject, at the discretion of the director, to:
(1) A monetary penalty of not more than twenty-five thousanddollars ($25,000) for each and every act or violation not to exceed anaggregate of two hundred fifty thousand dollars ($250,000) pursuant to anyhearing; and/or
(2) Suspension or revocation of the insurer's license.