Insurance Regulation
What penalty does section 2324 attach to each rebating violation?
Answer and explanation
Answer: D. Section 2324(f) sets a penalty of five hundred dollars for each such violation. Because the penalty runs per violation, a pattern of inducements multiplies rather than being treated as one offense.Source: N.Y. Ins. Law § 2324 — 2324(f), Penalty
More insurance regulation questions
- A producer wants to share part of a commission with an unlicensed friend who introduced the client. What does section 2102(e) say?
- A producer's home state licence was cancelled two months ago. Under section 2103(g)(11), may a nonresident New York licence still be issued without examination?
- A purchaser asks for the amount of the producer's compensation three weeks after the policy is issued. What does Regulation 194 require?
- A temporary licence has been issued after the death of an agent. What may the temporary licensee generally do with the agency's book of business?
- After notice, what is the person charged entitled to do in the hearings process under section 2405?
- Against what does New York measure its controlled business limit?
621 New York questions like this one.
Every answer explained, the ones you miss come back on a spaced schedule, and a plan built from your exam date.