Connecticut Laws, Rules, & Regulations Common to All Lines Rated A

Connecticut Laws, Rules, & Regulations Common to All Lines Rated A Powers and duties of the Commissioner: The primary duty of the Insurance Commissioner is to see that insurance laws are properly executed and the public interest is protected by enforcing these laws. Other powers of the commissioner include: Conduct investigations and hearings and issue subpoenas, revoke licenses of insurers, producers, adjusters, and consultants for just cause; regulate insurers for solvency and regulate most insurance premium rates Other duties of the insurance commissioner include: Issuing licenses and collecting appropriate fees, setting reserves for domestic companies, appointing examiners, issuing cease and desist orders, conducting hearings in connection with the wrongdoings of an insurer or licensee, and reporting illegalities in the insurance business to the state Attorney General Due process under the law requires notice and a hearing. If a person has been engaging in unfair acts, the commissioner will issue a notice of hearing that list the charges against the licensee. The hearing will be how many days after the serving of the notice? 30 days The commissioner may subpoena, examine, and cross-examine witnesses. If any witness ignores a subpoena, and does not attend, the hearing, the witness will be charged with what? Contempt of court The commissioner may assess a monetary penalty of not more than how much for each violation or unfair act not to exceed an aggregate of how much? Not more than $5000 for each violation or unfair act not to exceed an aggregate of $50,000 If the violator knew or should've known, the law was being violated, the fine will be not more than how much per act, not to exceed an aggregate of how much in any six month period? Not more than $25,000 per act, not to exceed an aggregate of $250,000 in any six month period Any person or corporation violating any provision of Connecticut insurance law for which no other penalty is provided, will be fined no more than that than what? $15,000 The penalty for an insurer that makes false statements or advertisements about financial information gets fined for how much for a first offense, and fined for how much for each subsequent offense? $10,000 fine for a first offense and $20,000 fine for each subsequent offense Whenever the commissioner believes the person has engaged in an unfair method of competition or unfair or deceptive practice, he will issue a statement of charges, and a notice of hearing, which will occur within 30 days. After the hearing the Commissioner may issue a cease and desist order, if it is determined that the person is guilty, violation of a cease and desist order is punishable with a fine of not more than how much? Violation of a cease and desist order is punishable with a fine of not more than $50,000 or a suspension or revocation of the persons license In addition to suspension or revocation, the Commissioner may impose a civil fine not to exceed how