§ 7-802
152 words·~1 min read·
/md/insurance/7-802A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§7–802.
(a)In addition to any other penalty provided by law, a person that willfully violates this title or any regulation adopted under this title is subject to a penalty of up to $10,000 for the first day of violation and up to $1,000 for each additional day that the violation continues.
(b)In determining the amount of any financial penalty to be imposed under this section, the Commissioner shall consider the following factors:
(1)the seriousness of the violation;
(2)the good faith of the violator;
(3)the violator’s history of previous violations;
(4)the deleterious effect of the violation on the public and the insurance industry; and
(5)the assets of the violator.
(c)Before imposing a penalty under this subsection, the Commissioner:
(1)shall give the person that allegedly committed the violation notice and an opportunity for hearing; and
(2)must find that the person willfully committed the violation.