N.Y.
Insurance Law Section 4241
Penalty for violation of filing requirements
(a)
Any authorized insurer, representative of such insurer, licensed insurance agent or licensed insurance broker wilfully violating any of the provisions of this article or of articles thirty-one or thirty-two of this chapter relating to filings of life, accident and health and annuity contract forms, premium rates, rules, classification of risks, and commissions, compensation or other fees or allowances to agents and brokers pertaining to the solicitation or sale of such insurance and of fees or allowances to any individuals, firms or corporations for services pertaining to the service or administration of such group insurance and annuity contracts, shall, in addition to any other penalty provided by law, be liable for a penalty as provided in subsection (b) hereof.(b)
If the superintendent finds after notice and hearing, that any authorized insurer, representative of such insurer, licensed insurance agent or licensed insurance broker has wilfully violated the provisions of subsection (d) hereof or this article relating to such filings, he may, in lieu of any other penalty provided by law, order such insurer, or person to pay to the people of this state a penalty not exceeding one thousand dollars for each such offense.(c)
Failure of any such insurer or person to pay such penalty within thirty days after the making of such order, unless suspended by an order of a court of competent jurisdiction, shall constitute a violation of this chapter.(d)
In this section, the issuance, procurement or negotiation of each policy of insurance, by such insurer or person in wilful violation of the provisions of this subsection or this article shall be deemed a separate offense.
Source:
Section 4241 — Penalty for violation of filing requirements, https://www.nysenate.gov/legislation/laws/ISC/4241 (updated Sep. 22, 2014; accessed Dec. 21, 2024).
