Current through Register Vol. 54, No. 44, November 2, 2024
Section 83.57 - Penalties(a) For failing to make adequate disclosure of basic information about the product being sold, after an administrative hearing as provided by law, an agent or broker may be subject to the penalties provided in section 639 of The Insurance Department Act of one thousand nine hundred and twenty-one (40 P. S. § 279) for conduct that would disqualify an agent from the initial issuance of a license under section 603 of that act (40 P. S. § 233) and for misrepresenting the terms of an insurance policy, a violation of section 637 of The Insurance Department Act of one thousand nine hundred and twenty-one (40 P. S. § 277).(b) For failing to insure adequate disclosure of basic information about the product being sold, after a hearing as provided by law, a company may be subject to the penalties provided in section 350 of The Insurance Company Law of 1921 (40 P. S. § 475) for violations of sections 347-349 of that act (40 P. S. §§ 472-474).(c) For failing to insure adequate disclosure of basic information about the product being sold, after a hearing as provided by law, a fraternal benefit society may be subject to the penalties provided in sections 817(b) and 904(d) of the Fraternal Benefit Society Code (40 P. S. §§ 1141-817(b) and 1141-904(d)).(d) In addition to subsections (a)-(c), failure to make the disclosure outlined in this subchapter may be considered a violation of the Unfair Insurance Practices Act (40 P. S. §§ 1171.1-1171.15).The provisions of this §83.57 amended through December 28, 1979, effective 3/1/1980, 9 Pa.B. 4251.