Montana Code 33-20-806. Compliance mitigation — penalties — enforcement
33-20-806. Compliance mitigation — penalties — enforcement. (1) An insurer is responsible for compliance with this part. If a violation occurs, either because of the action or inaction of the insurer or its producer, the commissioner may order:
Terms Used In Montana Code 33-20-806
- insurance producer: means a person or entity required to be licensed under the laws of this state to sell, solicit, or negotiate insurance, including annuities. See Montana Code 33-20-804
- Insurer: means a company required to be licensed under the laws of this state to provide insurance products, including annuities. See Montana Code 33-20-804
(a)an insurer or insurance producer to take reasonably appropriate corrective action for any consumer harmed by a failure to comply with this part by the insurer, an entity contracted to perform the insurer’s supervisory duties, or the producer; or
(b)a general agency, independent agency, or the producer to take reasonably appropriate corrective action for any consumer harmed by the producer’s violation of this part; and
(c)appropriate penalties and sanctions.
(2)A violation of this part is an unfair trade practice under Title 33, chapter 18. Fines may be imposed pursuant to 33-1-317.
(3)Any applicable penalty for a violation of this part may be reduced or eliminated if corrective action for the consumer was taken promptly after a violation was discovered or the violation was not part of a pattern or practice.
(4)The authority to enforce compliance with this part is vested exclusively with the commissioner.