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§ 7-802. Additional penalties for continuing violations

West's Annotated Code of MarylandInsuranceEffective: January 1, 2014

West's Annotated Code of Maryland
Insurance (Refs & Annos)
Title 7. Maryland Insurance Acquisitions Disclosure and Control Act (Refs & Annos)
Subtitle 8. Enforcement (Refs & Annos)
Effective: January 1, 2014
MD Code, Insurance, § 7-802
§ 7-802. Additional penalties for continuing violations
Currentness
In general
(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.
Factors considered in determining financial penalty
(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.
Notice and hearing
(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.

Credits

Added by Acts 1995, c. 36, § 1, eff. Oct. 1, 1997. Amended by Acts 2013, c. 115, § 1, eff. Jan. 1, 2014.
Formerly Art. 48A, § 500.
MD Code, Insurance, § 7-802, MD INSURANCE § 7-802
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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