N.J. Admin. Code § 11:17-7.7

Current through Register Vol. 57, No. 1, January 6, 2025

Section 11:17-7.7 - Penalties

(a) If the Commissioner finds, after notice and opportunity for a hearing pursuant to the provisions of the Administrative Procedure Act, N.J.S.A. 52:14B-1 et seq., as implemented by the Uniform Administrative Procedure Rules, N.J.A.C. 1:1, that any person has violated any provisions of N.J.S.A. 17:22E-1 et seq., or this subchapter, the Commissioner may refuse to issue or renew the insurance producer's license, or may revoke or suspend the insurance producer's license.

(b) In addition, or as an alternative to any other penalty, the Commissioner may:

1. Impose a fine of up to $ 5,000 for the first violation, and not exceeding $ 10,000 for each subsequent violation, and in appropriate circumstances other restitution of moneys owed to any person and reimbursement of the costs of investigation and prosecution.

2. Order the reinsurance intermediary to reimburse the insurer, the rehabilitator or liquidator of the insurer or reinsurer for the net losses incurred by the insurer or reinsurer caused by a violation of this act committed by the reinsurance intermediary.

(c) If the Commissioner finds that the interests of the public require that immediate action be taken prior to completion of the hearing, the making of a determination and the entry of a final order, the Commissioner may enter an appropriate order to be effective pending completion of the hearing and entry of a final order. These orders may be entered on ex parte proofs if the proofs indicate that the Commissioner's withholding of any action until completion of a full hearing will be harmful to the public interest. Orders issued pursuant to this subsection shall be subject to an application to vacate upon 10 days' notice, and a preliminary hearing on the ex parte order shall be held in any event within 20 days after it is entered. In the alternative, or in addition, the Commissioner is authorized to institute a proceeding in the Superior Court, to be conducted in a summary manner, for an injunction against specified acts or conduct in aid of the proceedings pending before him or her, including temporary injunctions and interim restraints.

N.J. Admin. Code § 11:17-7.7

Amended by R.1998 d.233, effective 5/18/1998.
See: 30 New Jersey Register 779(a), 30 New Jersey Register 1833(a).
In (a), substituted an N.J.S.A. reference for a Public Law reference.