(a) Any person failing,without just cause, to file any registration statement as required in thisArticle shall pay, after notice and hearing, a civil penalty of one hundreddollars ($100.00) for each day's delay, not to exceed a total penalty of onethousand dollars ($1,000), to the Commissioner. The clear proceeds of civilpenalties provided for in this section shall be remitted to the Civil Penaltyand Forfeiture Fund in accordance with G.S. 115C‑457.2.
(b) Every director orofficer of an insurance holding company system who knowingly and willfullyviolates, participates in, or assents to, or who knowingly and willfullypermits any of the officers or agents of the insurer to engage in transactionsor make investments that have not been properly reported or submitted pursuantto G.S. 58‑19‑25(a), 58‑19‑30(b), or 58‑19‑30(c),or that violate this Article, shall pay, in his individual capacity, afternotice and hearing, a civil penalty of one hundred dollars ($100.00) perviolation, not to exceed a total penalty of one thousand dollars ($1,000), tothe Commissioner, who shall forward the clear proceeds to the General Fund ofthis State.
(c) Whenever it appearsto the Commissioner that any insurer subject to this Article or any director,officer, employee, or agent thereof has engaged in any transaction or enteredinto a contract that is subject to G.S. 58‑19‑30 and that would nothave been approved had such approval been requested, the Commissioner may orderthe insurer to immediately cease and desist from any further activity underthat transaction or contract. After notice and hearing the Commissioner mayalso order the insurer to void any such contracts and restore the status quo ifsuch action is in the best interest of the policyholders, creditors, or thepublic.
(d) Whenever it appearsto the Commissioner that any insurer or any director, officer, employee, oragent thereof has knowingly and willfully committed a violation of thisArticle, the Commissioner may cause criminal proceedings to be instituted bythe Superior Court of Wake County against such insurer or the responsibledirector, officer, employee, or agent thereof. Any insurer that knowingly andwillfully violates this Article may be fined not more than one thousand dollars($1,000). Any individual who knowingly and willfully violates this Article isguilty of a Class I felony.
(e) Any officer,director, or employee of an insurance holding company system who knowingly andwillfully subscribes to or makes or causes to be made any false statements orfalse reports or false filings with the intent to deceive the Commissioner inthe performance of his duties under this Article, is guilty of a Class Ifelony. Any fines imposed shall be paid by the officer, director, or employee inhis individual capacity. (1989, c. 722, s. 1; 1993, c. 504, s. 14; c. 539, ss.1271, 1272; 1994, Ex. Sess., c. 24, s. 14(c); 1998‑215, s. 84.)
(a) Any person failing,without just cause, to file any registration statement as required in thisArticle shall pay, after notice and hearing, a civil penalty of one hundreddollars ($100.00) for each day's delay, not to exceed a total penalty of onethousand dollars ($1,000), to the Commissioner. The clear proceeds of civilpenalties provided for in this section shall be remitted to the Civil Penaltyand Forfeiture Fund in accordance with G.S. 115C‑457.2.
(b) Every director orofficer of an insurance holding company system who knowingly and willfullyviolates, participates in, or assents to, or who knowingly and willfullypermits any of the officers or agents of the insurer to engage in transactionsor make investments that have not been properly reported or submitted pursuantto G.S. 58‑19‑25(a), 58‑19‑30(b), or 58‑19‑30(c),or that violate this Article, shall pay, in his individual capacity, afternotice and hearing, a civil penalty of one hundred dollars ($100.00) perviolation, not to exceed a total penalty of one thousand dollars ($1,000), tothe Commissioner, who shall forward the clear proceeds to the General Fund ofthis State.
(c) Whenever it appearsto the Commissioner that any insurer subject to this Article or any director,officer, employee, or agent thereof has engaged in any transaction or enteredinto a contract that is subject to G.S. 58‑19‑30 and that would nothave been approved had such approval been requested, the Commissioner may orderthe insurer to immediately cease and desist from any further activity underthat transaction or contract. After notice and hearing the Commissioner mayalso order the insurer to void any such contracts and restore the status quo ifsuch action is in the best interest of the policyholders, creditors, or thepublic.
(d) Whenever it appearsto the Commissioner that any insurer or any director, officer, employee, oragent thereof has knowingly and willfully committed a violation of thisArticle, the Commissioner may cause criminal proceedings to be instituted bythe Superior Court of Wake County against such insurer or the responsibledirector, officer, employee, or agent thereof. Any insurer that knowingly andwillfully violates this Article may be fined not more than one thousand dollars($1,000). Any individual who knowingly and willfully violates this Article isguilty of a Class I felony.
(e) Any officer,director, or employee of an insurance holding company system who knowingly andwillfully subscribes to or makes or causes to be made any false statements orfalse reports or false filings with the intent to deceive the Commissioner inthe performance of his duties under this Article, is guilty of a Class Ifelony. Any fines imposed shall be paid by the officer, director, or employee inhis individual capacity. (1989, c. 722, s. 1; 1993, c. 504, s. 14; c. 539, ss.1271, 1272; 1994, Ex. Sess., c. 24, s. 14(c); 1998‑215, s. 84.)
(a) Any person failing,without just cause, to file any registration statement as required in thisArticle shall pay, after notice and hearing, a civil penalty of one hundreddollars ($100.00) for each day's delay, not to exceed a total penalty of onethousand dollars ($1,000), to the Commissioner. The clear proceeds of civilpenalties provided for in this section shall be remitted to the Civil Penaltyand Forfeiture Fund in accordance with G.S. 115C‑457.2.
(b) Every director orofficer of an insurance holding company system who knowingly and willfullyviolates, participates in, or assents to, or who knowingly and willfullypermits any of the officers or agents of the insurer to engage in transactionsor make investments that have not been properly reported or submitted pursuantto G.S. 58‑19‑25(a), 58‑19‑30(b), or 58‑19‑30(c),or that violate this Article, shall pay, in his individual capacity, afternotice and hearing, a civil penalty of one hundred dollars ($100.00) perviolation, not to exceed a total penalty of one thousand dollars ($1,000), tothe Commissioner, who shall forward the clear proceeds to the General Fund ofthis State.
(c) Whenever it appearsto the Commissioner that any insurer subject to this Article or any director,officer, employee, or agent thereof has engaged in any transaction or enteredinto a contract that is subject to G.S. 58‑19‑30 and that would nothave been approved had such approval been requested, the Commissioner may orderthe insurer to immediately cease and desist from any further activity underthat transaction or contract. After notice and hearing the Commissioner mayalso order the insurer to void any such contracts and restore the status quo ifsuch action is in the best interest of the policyholders, creditors, or thepublic.
(d) Whenever it appearsto the Commissioner that any insurer or any director, officer, employee, oragent thereof has knowingly and willfully committed a violation of thisArticle, the Commissioner may cause criminal proceedings to be instituted bythe Superior Court of Wake County against such insurer or the responsibledirector, officer, employee, or agent thereof. Any insurer that knowingly andwillfully violates this Article may be fined not more than one thousand dollars($1,000). Any individual who knowingly and willfully violates this Article isguilty of a Class I felony.
(e) Any officer,director, or employee of an insurance holding company system who knowingly andwillfully subscribes to or makes or causes to be made any false statements orfalse reports or false filings with the intent to deceive the Commissioner inthe performance of his duties under this Article, is guilty of a Class Ifelony. Any fines imposed shall be paid by the officer, director, or employee inhis individual capacity. (1989, c. 722, s. 1; 1993, c. 504, s. 14; c. 539, ss.1271, 1272; 1994, Ex. Sess., c. 24, s. 14(c); 1998‑215, s. 84.)
