(a)        In any case where a hearing pursuant to N.C. Gen. Stat. § 58-39-80 results in the findings of a violation of this Article, the Commissioner, in addition to the issuance of a cease and desist order as prescribed in N.C. Gen. Stat. § 58-39-90, may levy a civil penalty under N.C. Gen. Stat. § 58-2-70.

(b)        Any person who violates a cease and desist order of the Commissioner under N.C. Gen. Stat. § 58-39-90, after notice and hearing and upon order of the court, may be subject to one or more of the following penalties, at the discretion of the court:

(1)        A monetary fine of not more than ten thousand dollars ($10,000) for each violation; or

(2)        A monetary fine of not more than fifty thousand dollars ($50,000) if the court finds that violations have occurred with such frequency as to constitute a general business practice; or

(3)        Suspension or revocation of an insurance institution‘s or agent‘s license.

(c)        The clear proceeds of any civil penalties levied pursuant to this section shall be remitted to the Civil Penalty and Forfeiture Fund in accordance with N.C. Gen. Stat. § 115C-457.2 (1981, c. 846, s. 1; 1991, c. 720, s. 73; 1998-215, s. 89(b); 2003-262, s. 2(2).)

Terms Used In North Carolina General Statutes 58-39-95

  • Agent: has the meaning as set forth in N. See North Carolina General Statutes 58-39-15
  • following: when used by way of reference to any section of a statute, shall be construed to mean the section next preceding or next following that in which such reference is made; unless when some other section is expressly designated in such reference. See North Carolina General Statutes 12-3
  • Insurance institution: means any corporation, association, partnership, reciprocal exchange, inter-insurer, Lloyd's insurer, fraternal benefit society, or other person engaged in the business of insurance, including health maintenance organizations and medical, surgical, hospital, dental, and optometric service plans, governed by Articles 65 through 67 of this Chapter. See North Carolina General Statutes 58-39-15