N.Y. Insurance Law 4241 – Penalty for violation of filing requirements
§ 4241. Penalty for violation of filing requirements. (a) Any authorized insurer, representative of such insurer, licensed insurance agent or licensed insurance broker wilfully violating any of the provisions of this article or of articles thirty-one or thirty-two of this chapter relating to filings of life, accident and health and annuity contract forms, premium rates, rules, classification of risks, and commissions, compensation or other fees or allowances to agents and brokers pertaining to the solicitation or sale of such insurance and of fees or allowances to any individuals, firms or corporations for services pertaining to the service or administration of such group insurance and annuity contracts, shall, in addition to any other penalty provided by law, be liable for a penalty as provided in subsection (b) hereof.
Terms Used In N.Y. Insurance Law 4241
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Contract: A legal written agreement that becomes binding when signed.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
(b) If the superintendent finds after notice and hearing, that any authorized insurer, representative of such insurer, licensed insurance agent or licensed insurance broker has wilfully violated the provisions of subsection (d) hereof or this article relating to such filings, he may, in lieu of any other penalty provided by law, order such insurer, or person to pay to the people of this state a penalty not exceeding one thousand dollars for each such offense.
(c) Failure of any such insurer or person to pay such penalty within thirty days after the making of such order, unless suspended by an order of a court of competent jurisdiction, shall constitute a violation of this chapter.
(d) In this section, the issuance, procurement or negotiation of each policy of insurance, by such insurer or person in wilful violation of the provisions of this subsection or this article shall be deemed a separate offense.