Code of Massachusetts Regulations
211 CMR - DIVISION OF INSURANCE
Title 211 CMR 96.00 - Consumer Protection And Suitability In Annuity Transactions
Section 96.07 - Compliance Mitigation; Penalties
Current through Register 1531, September 27, 2024
(1) In addition to any other penalties provided by the laws of Massachusetts, a producer or insurer that violates a requirement of 211 CMR 96.00 shall be deemed to be in violation of the provisions of M.G.L. c. 176D.
(2) If a violation occurs, the Commissioner may order:
(3) When determining the appropriate penalty under M.G.L. c. 176D for violations of 211 CMR 96.05(1), (2) or (3), the Commissioner may take into consideration whether corrective action was taken for the consumer promptly after such violation was discovered or the violation was not part of a pattern or practice.
(4) The authority to enforce compliance with this regulation is vested exclusively with the Commissioner.