What is the maximum penalty for each act of unauthorized insurance transaction?

The maximum penalty for each act of unauthorized insurance transaction is set at $10,000. This provision is part of regulatory measures designed to ensure compliance with insurance laws and protect consumers from unlicensed and potentially fraudulent activities. The law aims to provide a clear financial consequence for those engaging in unauthorized transactions, reinforcing the importance of having licensed professionals conduct insurance business.

By imposing a substantial penalty, regulators emphasize the seriousness of adhering to the guidelines established in the insurance industry. This not only serves as a deterrent against unauthorized practices but also supports a fair and regulated environment for both insurers and insured parties. The penalty amount illustrates the commitment to consumer protection and the integrity of the insurance market.