Connecticut General Statutes 38a-777 – Penalty
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Any surplus lines broker licensee under section 38a-769 or 38a-794 who negotiates, continues or renews any contract for insurance from any unauthorized insurer, and who fails to make and file the statements required under section 38a-741, or who wilfully makes a false statement, or who negotiates, continues or renews any such contract of insurance after the revocation or during the suspension of the licensee’s license, shall forfeit the license if not previously revoked and shall be fined not more than four thousand dollars or imprisoned not more than six months, or both.
Terms Used In Connecticut General Statutes 38a-777
- Contract: A legal written agreement that becomes binding when signed.
- Insurance: means any agreement to pay a sum of money, provide services or any other thing of value on the happening of a particular event or contingency or to provide indemnity for loss in respect to a specified subject by specified perils in return for a consideration. See Connecticut General Statutes 38a-1