(a)  Any person who violates a cease and desist order of the insurance commissioner under § 27-29-6 after it has become final, and while the order is in effect, shall, upon proof of the violation to the satisfaction of the court, forfeit and pay to the state a sum not to exceed twenty-five thousand dollars ($25,000), which may be recovered in a civil action, except that, if the violation is found to be willful, the amount of the penalty shall be a sum not to exceed two hundred fifty thousand dollars ($250,000).

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Terms Used In Rhode Island General Laws 27-29-9

  • 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)  Any person who violates a cease and desist order of the insurance commissioner under § 27-29-6 after it has become final, and while the order is in effect, may after notice and hearing and upon order of the commissioner, be subject at the discretion of the commissioner to suspension or revocation of the insurer‘s license.

History of Section.
P.L. 1958, ch. 53, § 9; P.L. 1993, ch. 180, § 24.