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 Jul. 20, 2024).

4202
Capital and surplus requirements of life insurance companies
4203
Transfer of shares of domestic life insurance company
4204
Financial requirements for the organization of stock accident and health insurance companies and stock legal services insurance companies
4205
Life, accident and health, and legal services insurance companies
4206
Deposits by life, accident and health, and legal services insurance companies
4207
Dividends to shareholders of life, and accident and health insurance companies
4208
Financial and additional requirements for the organization of mutual life, accident and health, and legal services insurance companies
4209
Mutual life insurance companies, mutual accident and health insurance companies
4210
Election of directors of domestic mutual life insurance companies
4211
Election of directors of domestic stock life insurance companies
4212
Stock life insurance companies
4213
Industrial life insurance
4214
Industrial accident and industrial health insurance
4215
Contracts with industrial life insurance agents
4216
Group life insurance
4217
Valuation of insurance policies and contracts
4218
When actual premium is less than net premium
4219
Limitation on accumulation of surplus of life insurance companies
4220
Life insurance and annuities
4221
Standard nonforfeiture law
4222
Policy loans
4223
Standard nonforfeiture law for annuities
4224
Life, accident and health insurance
4225
Domestic life insurance companies
4226
Misrepresentations, misleading statements and incomplete comparisons by insurers
4228
Life insurance and annuity business
4230
Salaries and pensions to officers and employees
4231
Policyholder’s participation in surplus of life insurance companies
4232
Amounts credited on certain contracts or life insurance policies
4233
Annual statements of life insurance companies
4235
Group accident and health insurance
4236
Joint underwriting of group health insurance for persons aged sixty-five and over
4237
Blanket accident and health insurance
4237‑A
Stop-loss insurance
4238
Group annuity contracts
4239
Allocation and reporting of income and expenses of life insurers
4240
Separate accounts
4241
Penalty for violation of filing requirements

Accessed:
Jul. 20, 2024

Last modified:
Sep. 22, 2014

§ 4241’s source at nysenate​.gov

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