211 CMR 96.07 - Penalties

Current through Register 1466, April 1, 2022

(1) In addition to any other penalties provided by the laws of Massachusetts, an insurance producer or insurer that violates a requirement of 211 CMR 96.00 shall be deemed to be in violation of the provisions of M.G.L. c. 176D.
(2) If a violation occurs, the Commissioner may order:
(a) An insurer to take appropriate corrective action for any consumer harmed by the insurer's, or by its producer's, violation of 211 CMR 96.00;
(b) An insurance producer to take appropriate corrective action for any consumer harmed by the insurance producer's violation of 211 CMR 96.00; and
(c) Any person that employs or contracts with an insurance producer to sell, or solicit the sale, of annuities to consumers, to take appropriate corrective action for any consumer harmed by the insurance producer's violation of 211 CMR 96.00.
(3) When determining the appropriate penalty under M.G.L. c. 176D for violations of 211 CMR 96.05(1), (2) or (3), the Commissioner may take into consideration whether corrective action was taken for the consumer promptly after such violation was discovered or the violation was not part of a pattern or practice.

Notes

211 CMR 96.07
Amended by Mass Register Issue 1316, eff. 7/1/2016.

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