Penalties for violations, director may impose
The director (a state official) can fine a person or company up to $1,000 for breaking certain insurance rules. If the rule-breaking was on purpose, the fine can be up to $10,000. If an insurance company uses a rate it never filed with the state, each day that goes on counts as a new violation. The director can also suspend or revoke a license if someone does not follow the director's orders. No fine or license action can happen without a written order from the director after a hearing.
287.940. Penalties for violations, may impose — each day a separate violation, when — may be or , when. — 1. The director may, upon a finding that any person or organization has violated any of sections 287.930 to 287.975, impose a of not more than one thousand dollars for each such violation, but if the director finds such violation to be , a penalty of not more than ten thousand dollars for each such violation may be imposed. Such penalties may be in addition to any other penalty provided by law.
2. For purposes of this section, any using a rate for which the insurer has failed to file the rate, or , as required by sections 287.930 to 287.975, shall have committed a separate violation for each day such failure continues.
3. The director may or the license of any or insurer which fails to comply with an of the director within the time limit specified by such order, or any extension thereof which the director may .
4. The director may determine when a of license shall become effective and it shall remain in effect for the period by the director, unless the director modifies or rescinds such suspension, or until the order upon which such suspension is based is , or reversed.
5. No penalty shall be imposed and no license shall be suspended or revoked except on a written order of the director, stating the findings made after .
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Source & history notes
(L. 1993 S.B. 251 § 21) Effective 1-01-94
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