It is unlawful for any insurer or agent authorized by the insurer to act on its behalf to violate any provision of Sections 1 through 4 of this act.¹ Any person convicted of such violation shall be guilty of a misdemeanor punishable by the imposition of a fine of not more than Five Hundred Dollars ($500.00) or by imprisonment in the county jail for not more than six (6) months, or by both such fine and imprisonment. Furthermore, upon such conviction, the license and/or authorization to transact insurance business in this state may be revoked by the Insurance Commissioner.