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Nebraska Revised Statutes Chapter 44. Insurance § 44-7530. Violations; director; hearing; powers and duties

Current as of January 01, 2024 | Updated by Findlaw Staff

(1) Whenever the director has reason to believe that any person has violated any provision of the Property and Casualty Insurance Rate and Form Act, the director shall hold a hearing in accordance with section 44-7532. If, after such hearing, the director determines that the person has violated any provision of the act, the director may order any one or more of the following:

(a) Payment of an administrative penalty of not more than one thousand dollars for every act or violation but not to exceed an aggregate penalty of ten thousand dollars in any six-month period unless the person knew or reasonably should have known of the violation of the act, in which case the penalty shall be not more than five thousand dollars for every act or violation not to exceed an aggregate penalty of fifty thousand dollars in any six-month period; and

(b) Suspension or revocation of the person's license or certificate of authority if such person knew or reasonably should have known of the violation.

(2) The powers, remedies, procedures, and penalties provided in the act shall be in addition to any other penalty, remedies, procedures, and penalties provided by law.

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Cite this article: FindLaw.com - Nebraska Revised Statutes Chapter 44. Insurance § 44-7530. Violations; director; hearing; powers and duties - last updated January 01, 2024 | https://codes.findlaw.com/ne/chapter-44-insurance/ne-rev-st-sect-44-7530/

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