Montana § 33-20-806 Compliance Mitigation -- Penalties -- Enforcement

Montana Statutes

§ 33-20-806 — Compliance Mitigation -- Penalties -- Enforcement

Montana·Title 33 INSURANCE AND INSURANCE COMPANIES·Ch. 20 LIFE INSURANCE·Part 8 Suitability in Annuity Transactions

33-20-806 . Compliance mitigation -- penalties -- enforcement.

(1)An insurer is responsible for compliance with this part. If a violation occurs, either because of the action or inaction of the insurer or its producer, the commissioner may order:

(a)an insurer or insurance producer to take reasonably appropriate corrective action for any consumer harmed by a failure to comply with this part by the insurer, an entity contracted to perform the insurer's supervisory duties, or the producer; or

(b)a general agency, independent agency, or the producer to take reasonably appropriate corrective action for any consumer harmed by the producer's violation of this part; and

(c)appropriate penalties and sanctions.

(2)A violation of this part is an unfair trade practice under Title 33, chapter 18.

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33-20-806 . Compliance mitigation -- penalties -- enforcement. (1) An insurer is responsible for compliance with this part. If a violation occurs, either because of the action or inaction of the insurer or its producer, the commissioner may order:
(a) an insurer or insurance producer to take reasonably appropriate corrective action for any consumer harmed by a failure to comply with this part by the insurer, an entity contracted to perform the insurer's supervisory duties, or the producer; or
(b) a general agency, independent agency, or the producer to take reasonably appropriate corrective action for any consumer harmed by the producer's violation of this part; and
(c) appropriate penalties and sanctions.
(2) A violation of this part is an unfair trade practice under Title 33, chapter 18. Fines may be imposed pursuant to 33-1-317 .
(3) Any applicable penalty for a violation of this part may be reduced or eliminated if corrective action for the consumer was taken promptly after a violation was discovered or the violation was not part of a pattern or practice.
(4) The authority to enforce compliance with this part is vested exclusively with the commissioner.

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