Current through Register Vol. 50, No. 9, September 20, 2024
A. Pursuant to
R.S.
22:44, "False or Fraudulent Material
Information," in accordance with all provisions thereof, and specifically
applicable to all documents required by this regulation.
1. It shall be unlawful for any person to
intentionally and knowingly supply false or fraudulent material information
pertaining to any document or statement required by the department.
2. Whoever violates the provisions of this
Section shall be imprisoned, with or without hard labor, for not more than five
years, or fined not more than $5,000, or both.
B. Pursuant to
R.S.
22:1964(12), in accordance
with all provisions thereof, any violation of a prohibitory provision of this
regulation shall constitute an unfair trade practice, and, after proper notice
and hearing as specified by statute, may subject the insurer and its officer(s)
or representative(s) to:
1. The provisions of
R.S.
22:1969, including:
a. payment of a monetary penalty of not more
than $1,000 for each and every act or violation, but not to exceed an aggregate
penalty of $100,000 unless the person knew or reasonably should have known he
was in violation of applicable law, in which case the penalty shall be not more
than $25,000 for each and every act or violation, but not to exceed an
aggregate penalty of $250,000 in any six-month period; and
b. suspension or revocation of the license of
the person if he knew or reasonably should have known he was in violation of
applicable law.
2. The
provisions of
R.S.
22:1970, including:
a. a monetary penalty of not more than
$25,000 for each and every act or violation, not to exceed an aggregate of
$250,000; and
b. suspension or
revocation of such person's license or certificate of authority.
AUTHORITY NOTE:
Promulgated in accordance with
R.S.
22:11, Directive 169,
R.S.
22:861,
R.S.
22:862 and
R.S.
22:974.
