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§ 627-6. Penalties and enforcement

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 40 P.S. InsuranceEffective: June 20, 2022

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 40 P.S. Insurance (Refs & Annos)
Chapter 2. Insurance Companies (Refs & Annos)
Article IV-B. Suitability of Annuity Transactions
Effective: June 20, 2022
40 P.S. § 627-6
§ 627-6. Penalties and enforcement
Currentness
(a) Penalties and remedies.--Upon a determination by hearing that this article has been violated, the commissioner may pursue one or more of the following courses of action:
(1) Issue an order requiring the person in violation to cease and desist from engaging in the violation.
(2) Suspend or revoke or refuse to issue or renew the certificate or license of the person in violation.
(3) Impose a civil penalty of not more than $5,000 for each violation.
(4) Impose any other penalty or remedy deemed appropriate by the commissioner, including restitution.
(b) Other remedies.--The enforcement remedies imposed under this section are in addition to any other remedies or penalties that may be imposed by any other applicable statute, including the act of July 22, 1974 (P.L. 589, No. 205),1 known as the Unfair Insurance Practices Act. Violations of this article are deemed and defined by the commissioner to be an unfair method of competition and an unfair or deceptive act or practice pursuant to the Unfair Insurance Practices Act.

Credits

1921, May 17, P.L. 682, No. 284, art. IV-B, § 406-B, added 2010, March 22, P.L. 147, No. 14, § 2, effective in 180 days [Sept. 20, 2010]. Amended 2021, Dec. 22, P.L. 472, No. 99, § 3, effective in 180 days [June 20, 2022].

Footnotes

1
40 P.S. § 1171.1 et seq.
40 P.S. § 627-6, PA ST 40 P.S. § 627-6
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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