N.Y. Insurance Law Section 2908
Penalties for violations


(a)

The superintendent, in addition to any other power conferred by law, may in any one proceeding by order, require the registrant or licensee who violates the provisions of this article or Public Health Law § 280-A (Pharmacy benefit managers)section two hundred eighty-a of the public health law, or any regulation promulgated thereunder to make restitution and pay compensatory damages, in an amount to be determined by the superintendent, to any person injured by the unlawful actions of said registrant or licensee and to pay to the people of this state a penalty in a sum not exceeding the greater of (1) four thousand dollars for each offense and ten thousand dollars for each subsequent violation or (2) the aggregate gross receipts attributable to all offenses.

(b)

Upon the failure of such a registrant or licensee to pay the penalty ordered pursuant to subsection (a) of this section within twenty days after the mailing of the order, postage prepaid, registered, and addressed to the last known place of business of the licensee, unless the order is stayed by an order of a court of competent jurisdiction, the superintendent may revoke the registration or license of the registrant or licensee or may suspend the same for such period as the superintendent determines.

Source: Section 2908 — Penalties for violations, https://www.­nysenate.­gov/legislation/laws/ISC/2908 (updated Mar. 4, 2022; accessed Jun. 22, 2024).

Accessed:
Jun. 22, 2024

Last modified:
Mar. 4, 2022

§ 2908’s source at nysenate​.gov

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