Compilation of Rules and Regulations of the State of Georgia
Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER
Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE
Subject 120-2-102 - GUARANTEED ASSET PROTECTION WAIVERS
Rule 120-2-102-.09 - Penalties
Current through Rules and Regulations filed through March 20, 2024
The Commissioner of Insurance may take action which is necessary or appropriate to enforce the provisions of this chapter and to protect guaranteed asset protection waiver holders in this state. After proper notice and opportunity for hearing the Commissioner may:
(1) Order the creditor, administrator, or any other person not in compliance with this chapter to cease and desist from further guaranteed asses protection waiver related operations which are in violation of this chapter; and
(2) Issue a penalty of not more than $500.00 per violation and not more than $10,000.00 in the aggregate for all violations of a similar nature. For purposes of this paragraph, violations are of a similar nature if the violations consist of the same or similar courses of conduct, action, or practice, irrespective of the number of times the conduct, action, or practice occurred.
O.C.G.A. Sec. 33-2-9 and O.C.G.A. Chapter 33-63.
