Section 58-4-28.1 - Money penalty in lieu of revocation, suspension, or nonrenewal of license orcertificate.
58-4-28.1. Money penalty in lieu of revocation, suspension, or nonrenewal of license or certificate. In any case in which the director has the power to deny an application, revoke, refuse to renew, or suspend the license of any insurance producer, solicitor, or administrator or the certificate of authority of any insurance company or health maintenance organization, the director may permit an applicant or licensee to elect in writing to pay a specified money penalty within a specified time in lieu of a license suspension or other permitted action.
The money penalty may not exceed five thousand dollars for an insurance producer or twenty-five thousand dollars for an insurer, administrator, or health maintenance organization for each offense.
Source: SL 1971, ch 273; SL 1974, ch 308; SL 2000, ch 235, § 1; SL 2001, ch 286, § 66.