In any case in which the director has the power to deny an application or registration, or to revoke, refuse to renew, or suspend the license of any insurance producer, administrator, licensee, or entity required to be registered under this title, or the certificate of authority of any insurance company or health maintenance organization, the director may impose a specified money penalty to be paid within a specified time in lieu of a license suspension or other permitted action. No penalty may be imposed under this section prior to a hearing conducted pursuant to chapter 1-26 unless the applicant, licensee, or registrant agrees to the penalty in writing.

The money penalty may not exceed five thousand dollars for an insurance producer or twenty-five thousand dollars for an insurer, administrator, health maintenance organization, licensee, or registrant for each offense.

Ask an insurance law question, get an answer ASAP!
Click here to chat with a lawyer about your rights.

Source: SL 1971, ch 273; SL 1974, ch 308; SL 2000, ch 235, § 1; SL 2001, ch 286, § 66; SL 2014, ch 233, § 1.