Insurance Law 2404 — Legislation

Legislation Search OpenLegislation Statutes Search Term Search icon Search previous SECTION 2403 Unfair methods of competition or unfair and deceptive acts or practices prohibited up ARTICLE 24 Unfair Methods of Competition and Unfair and Deceptive Acts and Practices next SECTION 2405 Hearings and reports on defined violations and determined violations Viewing most recent revision (from 2014-09-22) View historical revision as of: -- Choose a Date -- 2014-09-22 Share Facebook Email SECTION 2404 Power of superintendent Insurance (ISC) CHAPTER 28, ARTICLE 24 § 2404. Power of superintendent. The superintendent is empowered to examine and investigate into the affairs of any person in order to determine whether the person has violated or is violating section two thousand four hundred three of this article. In the event any person does not provide a good faith response to a request for information from the superintendent, within a time period specified by the superintendent of not less than fifteen business days, as part of an examination or investigation initiated by the superintendent pursuant to this section relating to accident insurance, health insurance, accident and health insurance or health maintenance organization coverage, the superintendent is authorized, after notice and hearing, to levy a civil penalty against such person in an amount not to exceed five hundred dollars per day for each day beyond the date specified by the superintendent for response, but in no event shall such penalty exceed ten thousand dollars. In the event the superintendent levies five separate civil penalties against any one person within five years for failure to comply with this section, the superintendent is authorized, after notice and hearing, to levy an additional civil penalty against such person in an amount not to exceed fifty thousand dollars. The superintendent is also authorized to levy additional civil penalties not to exceed fifty thousand dollars, after notice and hearing, against such person for every five subsequent violations of this section within a five year period. Any person licensed pursuant to article twenty-one of this chapter may surrender such license in lieu of payment of any civil penalty imposed by the superintendent pursuant to this section.