Iowa Admin. Code r. 191-15.14 - Enforcement section-cease and desist and penalty orders
(1) If, after hearing, the commissioner
determines that a person has engaged in an unfair trade practice in violation
of these rules, an unfair method of competition, or an unfair or deceptive act
or practice in violation of Iowa Code chapter 507B, the commissioner shall
reduce the findings to writing and shall issue and cause to be served upon the
person charged with the violation a copy of such findings and an order
requiring the person to cease and desist from engaging in such method of
competition, act or practice. The commissioner also may order one or more of
the following:
a. Payment of a civil penalty
of not more than $1,000 for each act or violation, but not to exceed an
aggregate penalty of $10,000, unless the person knew or reasonably should have
known that the actions were in violation of these rules or of Iowa Code chapter
507B, in which case the penalty shall be not more than $5,000 for each act or
violation, but not to exceed an aggregate penalty of $50,000 in any one
six-month period. If the commissioner finds that a violation of these rules or
of Iowa Code chapter 507B was directed, encouraged, condoned, ignored, or
ratified by the employer of the person or by an insurer, the commissioner shall
also assess a fine to the employer or insurer;
b. Suspension or revocation of an insurer 's
certificate of authority or the producer 's license if the insurer or producer
knew or reasonably should have known that it was in violation of these rules or
of Iowa Code chapter 507B;
c.
Payment of interest at the rate of 10 percent per annum if the commissioner
finds that the insurer failed to pay interest as required under Iowa Code
section
507B.4(3)
"p";
d. Full
disclosure by the insurer of all terms and conditions of the policy to the
policyowner;
e. Payment of the
costs of the investigation and administrative expenses related to any act or
violation. The commissioner may retain funds collected pursuant to any
settlement, enforcement action, or other legal action authorized under federal
or state law for the purpose of reimbursing costs and expenses of the
division.
(2) Any person
who violates a cease and desist order of the commissioner while such order is
in effect may, after notice and hearing and upon order of the commissioner, be
subject at the discretion of the commissioner to one or both of the following:
a. A civil penalty of not more than $10,000
for each and every act or violation.
b. Suspension or revocation of such person 's
license.
Notes
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
No prior version found.