§ 1020 — Penalties

(A) In any case where a hearing pursuant to Section 1016 results in the finding of a knowing violation of this Article, the Director may, in addition to the issuance of a cease and desist order as prescribed in Section 1018, order payment of a monetary penalty of not more than $1,000 for each violation but not to exceed $20,000 in the aggregate for multiple violations. (B) Any person who violates a cease and desist order of the Director under Section 1018 of this Article may, after notice and hearing and upon order of the Director, be subject to one or more of the following penalties, at the discretion of the Director: (1) a monetary fine of not more than $20,000 for each violation, (2) a monetary fine of not more than $100,000 if the Director finds that violations have occurred with such frequency as to constitute a general business practice, or (3) suspension or revocation of an insurance institution's or agent's license.

Legislative History

(Source: P.A. 93-32, eff. 7-1-03.)