Arizona Laws 20-1097.09. Liability of corporation; civil penalty
A. Notwithstanding Section 20-1097.13, subsection C, if after a hearing the director finds that an insurance producer or salesperson of a corporation authorized to sell prepaid legal insurance contracts has made wilful misrepresentations, the director may impose a civil penalty on the prepaid legal insurance corporation of not more than one hundred thousand dollars for each wilful misrepresentation.
Terms Used In Arizona Laws 20-1097.09
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- corporation: means any corporation organized for the purpose of selling prepaid legal insurance contracts in this state or any insurer licensed pursuant to this title. See Arizona Laws 20-1097
- Person: includes a corporation, company, partnership, firm, association or society, as well as a natural person. See Arizona Laws 1-215
B. Notwithstanding Section 20-1097.13, subsection C, if after a hearing the director finds that an insurance producer or salesperson of a corporation authorized to sell prepaid legal insurance contracts has made negligent misrepresentations, the director may impose a civil penalty on the prepaid legal insurance corporation of not more than ten thousand dollars for each misrepresentation.
C. No order of the director pursuant to this section or order of the court to enforce it, or the holding of a hearing, may in any manner relieve or absolve any person affected by the order or hearing from any other liability, penalty or forfeiture under law.
D. Any monies collected from any civil penalty imposed pursuant to this section shall be deposited, pursuant to sections 35-146 and 35-147, in the state general fund.