§ 10509.9. — 10509.9. (Amended by Stats. 2003, Ch. 546, Sec. 6.)

California § 10509.9.

• Jurisdiction: California
• Code INS: Insurance Code - INS
• Div. 2.: DIVISION 2. CLASSES OF INSURANCE
• Part 2.: PART 2. LIFE AND DISABILITY INSURANCE
• Ch. 5.: CHAPTER 5. General Regulation of Life Insurers
• Art. 8.: ARTICLE 8. Requirements for Replacement of Life Insurance and Annuity Policies

Text

(a)
Any agent or other person or entity engaged in the business of insurance, other than an insurer, who violates this article is liable for an administrative penalty of no less than one thousand dollars ($1,000) for the first violation.
(b)
Any agent or other person or entity engaged in the business of insurance, other than an insurer, who engages in practices prohibited by this chapter a second or subsequent time or who commits a knowing violation of this article, is liable
for an administrative penalty of no less than five thousand dollars ($5,000) and no more than fifty thousand dollars ($50,000) for each violation.
(c)
Any insurer who violates this article is liable for an administrative penalty of ten thousand dollars ($10,000) for the first violation.
(d)
Any insurer who violates this article with a frequency as to indicate a general business practice or commits a knowing violation of this article, is liable for an administrative penalty of no less than thirty thousand dollars ($30,000) and no more than three hundred thousand dollars ($300,000) for each violation.
(e)
After a hearing conducted in accordance with Chapter 4.5 (commencing with Section 11400) and Chapter 5 (commencing with Section 11500) of Part 1 of Division 3 of Title 2 of the Government Code, the commissioner may
suspend or revoke the license of any person or entity that violates this article.
(f)
Nothing in this section shall be deemed to affect any other authority provided by law to the commissioner.

Legislative History

Amended by Stats. 2003, Ch. 546, Sec. 6. Effective January 1, 2004.