N.Y. Insurance Law 2908 – Penalties for violations
§ 2908. Penalties for violations. (a) The superintendent, in addition to any other power conferred by law, may in any one proceeding by order, require the registrant or licensee who violates the provisions of this article or § 280-a of the public health law, or any regulation promulgated thereunder to make restitution and pay compensatory damages, in an amount to be determined by the superintendent, to any person injured by the unlawful actions of said registrant or licensee and to pay to the people of this state a penalty in a sum not exceeding the greater of (1) four thousand dollars for each offense and ten thousand dollars for each subsequent violation or (2) the aggregate gross receipts attributable to all offenses.
Terms Used In N.Y. Insurance Law 2908
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
(b) Upon the failure of such a registrant or licensee to pay the penalty ordered pursuant to subsection (a) of this section within twenty days after the mailing of the order, postage prepaid, registered, and addressed to the last known place of business of the licensee, unless the order is stayed by an order of a court of competent jurisdiction, the superintendent may revoke the registration or license of the registrant or licensee or may suspend the same for such period as the superintendent determines.