N.J. Admin. Code § 11:17D-2.4

Current through Register Vol. 56, No. 21, November 4, 2024

Section 11:17D-2.4 - Schedules of fines for certain insurance producer licensing violations

(a) The Department shall impose fines for certain insurance producer violations in accordance with the following schedule:

1. Failure to maintain on file with the Department a complete and accurate business or home address or to notify the Department of a change of business or home address within 30 calendar days as required at N.J.A.C. 11:17- 2.8(f): $ 250.00, except ?Previous Next? where notification is delayed beyond 60 calendar days, including the aforesaid 30 days, in which case, the violator is subject to the maximum penalty provided by law;

2. Failure to notify the Department of the opening of a branch office within 30 days or the closing of a branch office within 20 days as required by 11:17-2.8(c): $ 500.00;

3. Payment of a license or processing fee with a check later returned for insufficient funds or because the account is closed: $ 500.00;

4. Failure to obtain approval for the use of a business name from the Department prior to conducting business under that name as required at N.J.A.C. 11:17- 2.8(c): $ 250.00;

5. Failure to notify the Department within 30 days of the addition or deletion of owners of more than 10 percent or officers, directors or partners as required by 11:17-2.1 1(c): $ 250.00;

6. Failure to maintain in at least one office with an address on file with the Department copies of all employment contracts and copies of all agency contracts in accordance with 11:17-2.9: $ 100.00 per contract; and

7. Upon demand by a licensed insurance producer, the failure by an employing insurance producer, insurer, or other custodian to return a license to the possession of the named insurance producer: $ 500.00.

(b) The fines identified in (a) above are applicable to first offenders only. Repeat offenders shall be subject to the maximum penalties provided by law.

N.J. Admin. Code § 11:17D-2.4

Amended by R.2005 d.237, effective 7/18/2005.
See: 37 N.J.R. 413(a), 37 N.J.R. 2691(c).
In (a), substituted "30" for "20". in 1, rewrote 4, and inserted the N.J.A.C. references throughout.
Amended by R.2011 d.027, effective 1/18/2011.
See: 42 N.J.R. 1470(a), 43 N.J.R. 189(b).
In (a)5, substituted "10" for "five".

Amended by 56 N.J.R. 1722(a), effective 8/19/2024