(a)  If after a hearing the insurance commissioner shall determine that the method of competition or the act or practice in question is unfair and that the person complained of has engaged in a method of competition, act, or practice in violation of this chapter, the commissioner shall reduce his or her findings to writing and shall issue and cause to be served upon the person charged with the violation an order requiring the person to cease and desist from engaging in the method of competition, act, or practice. The commissioner may, at the commissioner’s discretion, order: (1) Payment of a monetary penalty of not more than five thousand dollars ($5,000) for each violation, but not to exceed an aggregate penalty of one hundred thousand dollars ($100,000), unless the violation was committed flagrantly in a conscious disregard of this chapter, in which case the penalty shall not be more than twenty-five thousand dollars ($25,000) for each violation not to exceed an aggregate penalty of two hundred fifty thousand dollars ($250,000); or (2) Suspension or revocation of the insurer‘s license if the insurer knew or reasonably should have known that it was in violation of this chapter.

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Terms Used In Rhode Island General Laws 27-29-6

  • Commissioner: means the director of the department of business regulation. See Rhode Island General Laws 27-29-2
  • Insurer: means any person, reciprocal exchange, interinsurer, Lloyds insurer, fraternal benefit society, and any other legal entity engaged in the business of insurance, including agents, brokers, insurance producers, adjusters, and third-party administrators. See Rhode Island General Laws 27-29-2
  • License: means any license, certificate of authority, certificate of compliance, or other formal approval or authorization granted by the department of business regulation, division of insurance. See Rhode Island General Laws 27-29-2
  • Person: means any natural or artificial entity, including but not limited to: an individual, corporation, association, partnership, trust, or any other legal entity. See Rhode Island General Laws 27-29-2

(b)  Until the expiration of the time allowed under § 27-29-7(a) for filing a petition for review, if no petition has been duly filed within that time, the insurance commissioner may at any time upon the notice and in the manner the commissioner shall deem proper, modify or set aside in whole or in part any order issued by the commissioner under this section.

(c)  After the expiration of the time allowed for filing a petition for review, if no petition has been duly filed within that time, the insurance commissioner may at any time, after notice and opportunity for hearing, reopen and alter, modify, or set aside, in whole or in part, any order issued by the commissioner under this section whenever in his or her opinion conditions of fact or of law have changed as to require that action or if the public interest shall require.

History of Section.
P.L. 1958, ch. 53, § 6; P.L. 1993, ch. 180, § 24.