New Jersey Administrative Code
Title 11 - INSURANCE
Chapter 17D - INSURANCE PRODUCER STANDARDS OF CONDUCT: ADMINISTRATIVE PROCEDURES AND PENALTIES
Subchapter 2 - ADMINISTRATIVE PROCEDURES AND PENALTIES
Section 11:17D-2.4 - Schedules of fines for certain insurance producer licensing violations
Universal Citation: NJ Admin Code 11:17D-2.4
Current through Register Vol. 56, No. 6, March 18, 2024
(a) The Department shall impose fines for certain insurance producer violations in accordance with the following schedule:
1.
Failure to maintain on file with the Department a complete and accurate
business or home address or to notify the Department of a change of business or
home address within 30 calendar days as required by
11:17-2.7(f): $
250.00, except where notification is delayed beyond 60 calendar days, including
the aforesaid 30 days, in which case the violator is subject to the maximum
penalty provided by law;
2. Failure
to notify the Department of the opening of a branch office within 30 days or
the closing of a branch office within 20 days as required by
11:17-2.8(c): $
500.00;
3. Payment of a license or
processing fee with a check later returned for insufficient funds or because
the account is closed: $ 500.00;
4.
Failure to obtain approval for the use of a business name from the Department
prior to conducting business under that name as required by
11:17-2.7(c): $
250.00;
5. Failure to notify the
Department within 30 days of the addition or deletion of owners of more than 10
percent or officers, directors or partners as required by
11:17-2.1 1(c): $
250.00;
6. Failure to maintain in
at least one office with an address on file with the Department copies of all
employment contracts and copies of all agency contracts in accordance with
11:17-2.9: $ 100.00 per contract;
and
7. Upon demand by a licensed
insurance producer, the failure by an employing insurance producer, insurer, or
other custodian to return a license to the possession of the named insurance
producer: $ 500.00.
(b) The fines identified in (a) above are applicable to first offenders only. Repeat offenders shall be subject to the maximum penalties provided by law.
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