§ 789.3. — 789.3. (Amended by Stats. 2003, Ch. 546, Sec. 3.)

California § 789.3.

• Jurisdiction: California
• Code INS: Insurance Code - INS
• Div. 1.: DIVISION 1. GENERAL RULES GOVERNING INSURANCE
• Part 2.: PART 2. THE BUSINESS OF INSURANCE
• Ch. 1.: CHAPTER 1. General Regulations
• Art. 6.3.: ARTICLE 6.3. Senior Insurance

Text

(a)
Any broker, agent, or other person or other entity engaged in the transactions 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 broker, agent, other person, or other entity engaged in the business of insurance, other than an insurer, who engages in practices prohibited by this article 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)
If the commissioner brings an action against a licensee pursuant to subdivision (a) or (b) and determines that the licensee may reasonably be expected to cause significant harm to seniors, the commissioner may suspend his or her license pending the outcome of the hearing described in subdivision (c) of Section 789.
(d)
Any insurer who violates this article is liable for an administrative penalty of ten thousand dollars ($10,000) for the first violation.
(e)
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.
(f)
The commissioner may require rescission of any contract found to have been marketed, offered, or issued in violation of this article.

Legislative History

Amended by Stats. 2003, Ch. 546, Sec. 3. Effective January 1, 2004.