Monetary Forfeiture (2020)

Lesson Progress:

A person who violates any insurance statute or rule or any order shall forfeit to the state twice the amount of any profit gained from the violation, in addition to any other forfeiture or penalty imposed.

The commissioner may order an individual producer, consultant, or adjuster who violates an insurance statute, rule, or order to forfeit to the state not more than $2,500 for each violation.

The commissioner may order any other person who violates an insurance statute, rule, or order to forfeit to the state not more than $5,000 for each violation.

Unless a specific criminal penalty is provided elsewhere in the law, the person may be fined not more than: $10,000 if a corporation; or $5,000 if a person other than a corporation. If the person is an individual, the person may, in addition, be imprisoned for up to one year.