Section 26-A8405. COMPLIANCE MITIGATION; PENALTIES

 

8405.1An insurer is responsible for compliance with this chapter.  If a violation occurs, either because of the action or inaction of the insurer, or its insurance producer, the commissioner may order:

 

(a)An insurer to take reasonably appropriate corrective action for any consumer harmed by an insurer or insurance producer’s violation of this chapter;

 

(b)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 chapter; and

 

(c)Any appropriate penalties and sanctions permitted under the Insurance Trade and Economic Development Amendment Act of 2009, effective April 3, 2001 (D.C. Law 1-265; D.C. Official Code §§ 31-2231.01, et seq. (2001)).

 

8405.2Any applicable penalty for a violation of this chapter may be reduced or eliminated, if corrective action for the consumer was taken promptly after a violation was discovered or the violation was not part of a pattern or practice.

 

authority

The Commissioner of the Department of Insurance, Securities, and Banking, pursuant to the authority set forth in section 125 of the Insurance Trade and Economic Development Amendment Act of 2000, effective April 3, 2001 (D.C. Law 13-265; D.C. Official Code § 31-2231.25 (2009 Repl.)).

source

Notice of Final Rulemaking published at 57 DCR 12209, 12215 (December 24, 2010).