New Jersey Administrative Code
Title 11 - INSURANCE
Chapter 4 - ACTUARIAL SERVICES
Subchapter 59A - SUITABILITY AND INSURER SUPERVISION REQUIREMENTS FOR ANNUITIES DIRECTLY SOLICITED TO CONSUMERS
Section 11:4-59A.6 - Compliance mitigation; penalties
Universal Citation: NJ Admin Code 11:4-59A.6
Current through Register Vol. 56, No. 6, March 18, 2024
(a) An insurer shall be responsible for compliance with this subchapter. If a violation occurs, either because of the action or inaction of the insurer or its insurance producer, the Commissioner may order:
1. An insurer to take reasonably appropriate
corrective action for any consumer harmed by the insurer's, or by its insurance
producer's, violation of this subchapter;
2. A general agency, independent agency, or
the insurance producer to take reasonably appropriate corrective action for any
consumer harmed by the insurance producer's violation of this subchapter;
and
3. Appropriate penalties and
sanctions pursuant to law, including penalties as authorized pursuant to
17B:25-42.
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