19 Miss. Code. R. 2-18.08 - Compliance Mitigation; Penalties

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

(1) An insurer to take reasonably appropriate corrective action for any consumer harmed by a failure to comply with this regulation by the insurer, an entity contracted to perform the insurer's supervisory duties or by the insurance producer;

(2) 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 regulation; and

(3) Appropriate penalties and sanctions.

B. Any applicable penalty under Miss. Code Ann. §§ 83-5-29 through 83-5-51 for a violation of this regulation may be reduced or eliminated, as determined by the commissioner, 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.

C. The authority to enforce compliance with this regulation is vested exclusively with the commissioner.

Notes

19 Miss. Code. R. 2-18.08

Miss. Code Ann. §§ 83-5-29 to 83-5-51 (Rev. 2011)

Amended 1/1/2022