A. Any person who knowingly or willfully violates any provision of this titleor any regulation issued pursuant to this title shall be punished for eachviolation by a penalty of not more than $5,000.
B. Any person who violates without knowledge or intent any provision of thistitle or any rule, regulation, or order issued pursuant to this title may bepunished for each violation by a penalty of not more than $1,000. For thepurpose of this subsection, a series of similar violations resulting from thesame act shall be limited to a penalty in the aggregate of not more than$10,000.
C. Any violation resulting solely from a malfunction of mechanical orelectronic equipment shall not be subject to a penalty.
D. 1. The Commission may require a person to make restitution in the amountof the direct actual financial loss:
a. For charging a rate in excess of that provided by statute or by the ratesfiled with the Commission by the insurer;
b. For charging a premium that is determined by the Commission to be unfairlydiscriminatory, such restitution being limited to a period of one year fromthe date of determination;
c. For failing to pay amounts explicitly required by the terms of theinsurance contract where no aspect of the claim is disputed by the insurer;and
d. For improperly withholding, misappropriating, or converting any money orproperty received in the course of doing business.
2. The Commission shall have no jurisdiction to adjudicate controversiesgrowing out of this subsection regarding restitution among insurers,insureds, agents, claimants and beneficiaries.
E. The provisions provided under this section may be imposed in addition toor without imposing any other penalties or actions provided by law.
(Code 1950, § 38-24; 1952, c. 317, § 38.1-40; 1986, c. 562; 2010, c. 226.)
A. Any person who knowingly or willfully violates any provision of this titleor any regulation issued pursuant to this title shall be punished for eachviolation by a penalty of not more than $5,000.
B. Any person who violates without knowledge or intent any provision of thistitle or any rule, regulation, or order issued pursuant to this title may bepunished for each violation by a penalty of not more than $1,000. For thepurpose of this subsection, a series of similar violations resulting from thesame act shall be limited to a penalty in the aggregate of not more than$10,000.
C. Any violation resulting solely from a malfunction of mechanical orelectronic equipment shall not be subject to a penalty.
D. 1. The Commission may require a person to make restitution in the amountof the direct actual financial loss:
a. For charging a rate in excess of that provided by statute or by the ratesfiled with the Commission by the insurer;
b. For charging a premium that is determined by the Commission to be unfairlydiscriminatory, such restitution being limited to a period of one year fromthe date of determination;
c. For failing to pay amounts explicitly required by the terms of theinsurance contract where no aspect of the claim is disputed by the insurer;and
d. For improperly withholding, misappropriating, or converting any money orproperty received in the course of doing business.
2. The Commission shall have no jurisdiction to adjudicate controversiesgrowing out of this subsection regarding restitution among insurers,insureds, agents, claimants and beneficiaries.
E. The provisions provided under this section may be imposed in addition toor without imposing any other penalties or actions provided by law.
(Code 1950, § 38-24; 1952, c. 317, § 38.1-40; 1986, c. 562; 2010, c. 226.)
A. Any person who knowingly or willfully violates any provision of this titleor any regulation issued pursuant to this title shall be punished for eachviolation by a penalty of not more than $5,000.
B. Any person who violates without knowledge or intent any provision of thistitle or any rule, regulation, or order issued pursuant to this title may bepunished for each violation by a penalty of not more than $1,000. For thepurpose of this subsection, a series of similar violations resulting from thesame act shall be limited to a penalty in the aggregate of not more than$10,000.
C. Any violation resulting solely from a malfunction of mechanical orelectronic equipment shall not be subject to a penalty.
D. 1. The Commission may require a person to make restitution in the amountof the direct actual financial loss:
a. For charging a rate in excess of that provided by statute or by the ratesfiled with the Commission by the insurer;
b. For charging a premium that is determined by the Commission to be unfairlydiscriminatory, such restitution being limited to a period of one year fromthe date of determination;
c. For failing to pay amounts explicitly required by the terms of theinsurance contract where no aspect of the claim is disputed by the insurer;and
d. For improperly withholding, misappropriating, or converting any money orproperty received in the course of doing business.
2. The Commission shall have no jurisdiction to adjudicate controversiesgrowing out of this subsection regarding restitution among insurers,insureds, agents, claimants and beneficiaries.
E. The provisions provided under this section may be imposed in addition toor without imposing any other penalties or actions provided by law.
(Code 1950, § 38-24; 1952, c. 317, § 38.1-40; 1986, c. 562; 2010, c. 226.)
