The Office of the Insurance Commissioner (OIC) regulates insurance companies and individuals that work in the insurance industry. The OIC is responsible for enforcing insurance laws and rules in this state. A violation of the insurance code or administrative rule may result in a fine and, depending on the nature of the violation, license or certificate of authority suspension, revocation, nonrenewal, or other action. Some fines may be levied in lieu of revocation, suspension, or refusal to renew a license or certificate of authority. Fines vary depending on the entity, licensee, and the act committed.
The amount OIC may fine an authorized insurer in addition to or in lieu of suspension, revocation, or nonrenewal of a certificate of authority is increased from $250 to not more than $10,000, to not more than $25,000 per violation.