§ 4241 — Penalty for violation of filing requirements

New York § 4241

• Jurisdiction: New York
• Law ISC: Insurance
• Art. 42: Life Insurance Companies and Accident and Health Insurance Companies and Legal Services Insurance Companies

Text

§ 4241. Penalty for violation of filing requirements. (a) Any\nauthorized insurer, representative of such insurer, licensed insurance\nagent or licensed insurance broker wilfully violating any of the\nprovisions of this article or of articles thirty-one or thirty-two of\nthis chapter relating to filings of life, accident and health and\nannuity contract forms, premium rates, rules, classification of risks,\nand commissions, compensation or other fees or allowances to agents and\nbrokers pertaining to the solicitation or sale of such insurance and of\nfees or allowances to any individuals, firms or corporations for\nservices pertaining to the service or administration of such group\ninsurance and annuity contracts, shall, in addition to any other penalty\nprovided by law, be liable for a penalty as provided in subsection (b)\nhereof.\n (b) If the superintendent finds after notice and hearing, that any\nauthorized insurer, representative of such insurer, licensed insurance\nagent or licensed insurance broker has wilfully violated the provisions\nof subsection (d) hereof or this article relating to such filings, he\nmay, in lieu of any other penalty provided by law, order such insurer,\nor person to pay to the people of this state a penalty not exceeding one\nthousand dollars for each such offense.\n (c) Failure of any such insurer or person to pay such penalty within\nthirty days after the making of such order, unless suspended by an order\nof a court of competent jurisdiction, shall constitute a violation of\nthis chapter.\n (d) In this section, the issuance, procurement or negotiation of each\npolicy of insurance, by such insurer or person in wilful violation of\nthe provisions of this subsection or this article shall be deemed a\nseparate offense.\n