The Maryland Insurance Administration (MIA) issued Bulletin 24-20, Increase in maximum civil penalties for violations of certain insurance laws, to notify insurance producers that a new law increased the maximum civil penalties that the MIA may impose for certain statutory violations, effective Oct. 1.
It states, “The maximum civil penalty that the administration may impose upon an unauthorized insurer or person for each violation of Title 4, Subtitle 2 of the Insurance Article pursuant to § 4–212 will increase from $50,000 to $125,000.
“The maximum monetary penalty that the administration may impose upon a licensed insurance producer for each violation of the Insurance Article pursuant to § 10-126(c) will increase from $500 to $5,000,” it continues.
“The maximum monetary penalty that the administration may impose upon a licensed public adjuster for each violation of the Insurance Article pursuant to § 10-410(c) will increase from $500 to $5,000,” it stated.
Anyone with questions about the bulletin may contact the Insurance Fraud and Enforcement Division at 1-800-846-4069 or [email protected].