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Code · Massachusetts · Part I — ADMINISTRATION OF THE GOVERNMENT · Title XXII — CORPORATIONS · Chapter 175

Section 223D: Penalties

116 words·~1 min read·/ma/part-i/title-xxii/chapter-175/223d·

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Section 223D.
(a)If a person is found guilty of committing a fraudulent life settlement act, that person shall also be guilty of committing insurance fraud and shall be subject to additional penalties.
(b)The commissioner may levy a civil penalty, not to exceed $10,000 for each violation, upon any person, including those persons and their employees licensed pursuant to sections 213 to 223E, inclusive, who is found to have committed a fraudulent life settlement act or violated any other provision of sections 213 to 223E, inclusive.
(c)The license of a person licensed under sections 213 to 223E, inclusive, that has committed a fraudulent life settlement act shall be revoked for at least 1 year.
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