(a) In any case where ahearing pursuant to G.S. 58‑39‑80 results in the findings of aviolation of this Article, the Commissioner, in addition to the issuance of acease and desist order as prescribed in G.S. 58‑39‑90, may levy a civilpenalty under G.S. 58‑2‑70.
(b) Any person whoviolates a cease and desist order of the Commissioner under G.S. 58‑39‑90,after notice and hearing and upon order of the court, may be subject to one ormore of the following penalties, at the discretion of the court:
(1) A monetary fine ofnot more than ten thousand dollars ($10,000) for each violation; or
(2) A monetary fine ofnot more than fifty thousand dollars ($50,000) if the court finds thatviolations have occurred with such frequency as to constitute a generalbusiness practice; or
(3) Suspension orrevocation of an insurance institution's or agent's license.
(c) The clear proceedsof any civil penalties levied pursuant to this section shall be remitted to theCivil Penalty and Forfeiture Fund in accordance with G.S. 115C‑457.2. (1981, c. 846, s. 1; 1991, c.720, s. 73; 1998‑215, s. 89(b); 2003‑262, s. 2(2).)
(a) In any case where ahearing pursuant to G.S. 58‑39‑80 results in the findings of aviolation of this Article, the Commissioner, in addition to the issuance of acease and desist order as prescribed in G.S. 58‑39‑90, may levy a civilpenalty under G.S. 58‑2‑70.
(b) Any person whoviolates a cease and desist order of the Commissioner under G.S. 58‑39‑90,after notice and hearing and upon order of the court, may be subject to one ormore of the following penalties, at the discretion of the court:
(1) A monetary fine ofnot more than ten thousand dollars ($10,000) for each violation; or
(2) A monetary fine ofnot more than fifty thousand dollars ($50,000) if the court finds thatviolations have occurred with such frequency as to constitute a generalbusiness practice; or
(3) Suspension orrevocation of an insurance institution's or agent's license.
(c) The clear proceedsof any civil penalties levied pursuant to this section shall be remitted to theCivil Penalty and Forfeiture Fund in accordance with G.S. 115C‑457.2. (1981, c. 846, s. 1; 1991, c.720, s. 73; 1998‑215, s. 89(b); 2003‑262, s. 2(2).)
(a) In any case where ahearing pursuant to G.S. 58‑39‑80 results in the findings of aviolation of this Article, the Commissioner, in addition to the issuance of acease and desist order as prescribed in G.S. 58‑39‑90, may levy a civilpenalty under G.S. 58‑2‑70.
(b) Any person whoviolates a cease and desist order of the Commissioner under G.S. 58‑39‑90,after notice and hearing and upon order of the court, may be subject to one ormore of the following penalties, at the discretion of the court:
(1) A monetary fine ofnot more than ten thousand dollars ($10,000) for each violation; or
(2) A monetary fine ofnot more than fifty thousand dollars ($50,000) if the court finds thatviolations have occurred with such frequency as to constitute a generalbusiness practice; or
(3) Suspension orrevocation of an insurance institution's or agent's license.
(c) The clear proceedsof any civil penalties levied pursuant to this section shall be remitted to theCivil Penalty and Forfeiture Fund in accordance with G.S. 115C‑457.2. (1981, c. 846, s. 1; 1991, c.720, s. 73; 1998‑215, s. 89(b); 2003‑262, s. 2(2).)
