Rhode Island General Laws 27-9.1-7. Penalty for violation of cease and desist orders
Any insurer which violates a cease and desist order of the director and, while the order is in effect, may, after notice and hearing and upon order of the director, be subject, at the discretion of the director, to:
(1) A monetary penalty of not more than twenty-five thousand dollars ($25,000) for each and every act or violation not to exceed an aggregate of two hundred fifty thousand dollars ($250,000) pursuant to any hearing; and/or
(2) Suspension or revocation of the insurer’s license.
History of Section.
P.L. 1993, ch. 37, § 1; P.L. 1993, ch. 227, § 1.
Terms Used In Rhode Island General Laws 27-9.1-7
- Director: means the director of business regulation;
(2) "Insured" means the party named on a policy or certificate as the individual with legal rights to the benefits provided by the policy;
(3) "Insurer" means any person, reciprocal exchange, inter-insurer, Lloyds insurer, fraternal benefit society, and any other legal entity engaged in the business of insurance, including insurance producers, adjusters and third party administrators. See Rhode Island General Laws 27-9.1-2