Section 991.1410 - Sanctions(a) A person failing to file any registration statement or any summary of the registration statement or enterprise risk report as required by this article or by regulation shall be required to pay a penalty not to exceed two hundred ($200) dollars for each day's delay. The maximum penalty under this section is twenty- five thousand ($25,000) dollars. (b) Every director or officer of an insurance holding company system who knowingly violates, participates in or assents to or who knowingly shall permit any of the officers or agents of the insurer to engage in transactions or make investments which have not been properly reported or submitted pursuant to section 1404(a) or 1405(a)(2) and (b) or which violate this article shall pay, in their individual capacity, a civil forfeiture of not more than twenty-five thousand ($25,000) dollars per violation, after notice and hearing before the department. In determining the amount of the civil forfeiture, the department shall take into account the appropriateness of the forfeiture with respect to the gravity of the violation, the history of previous violations and such other matters as justice may require.(c) Whenever it appears to the department that any insurer subject to this article or any director, officer, employe or agent thereof has engaged in any transaction or entered into a contract which is subject to section 1205 and which would not have been approved had such approval been requested, the department may order the insurer to cease and desist immediately any further activity under the transaction or contract. After notice and hearing the department may also order the insurer to void any such contracts and restore the status quo if such action is in the best interest of the policyholders, creditors or the public.(d) Whenever it appears to the department that any insurer or any director, officer, employe or agent thereof has committed a wilful violation of this article, the department may cause criminal proceedings to be instituted in the common pleas court for the county in which the principal office of the insurer is located or, if such insurer has no such office in this State, then in any other court having jurisdiction against such insurer or the responsible director, officer, employe or agent thereof. Any insurer which wilfully violates this article may be fined not more than one hundred thousand ($100,000) dollars. Any individual who wilfully violates this article may be fined in his individual capacity not more than fifty thousand ($50,000) dollars or be imprisoned for not more than one (1) to three (3) years, or both.(e) Any officer, director or employe of an insurance holding company system who wilfully and knowingly subscribes to or makes or causes to be made any false statements or false reports or false filings with the intent to deceive the department in the performance of its duties under this article shall, upon conviction, be sentenced to pay a fine of one hundred thousand ($100,000) dollars or to imprisonment for not more than three (3) years, or both. Any fines imposed shall be paid by the officer, director or employe in his individual capacity.(f) Whenever it appears to the department that a person has committed a violation of this article that prevents the full understanding of the enterprise risk to the insurer by affiliates or by the insurance holding company system, the violation may serve as an independent basis for disapproving dividends or distributions and for placing the insurer under an order of supervision in accordance with section 511 of the act of act of May 17, 1921 (P.L.789, No.285), known as "The Insurance Department Act of 1921."Amended by P.L. 1111 2012 No. 136, § 9, eff. 9/3/2012.1921, May 17, P.L. 682, No. 284, art. XIV. § 1410, added 1992, Dec. 18, P.L. 1519, No. 178, § 19, effective in 120 days.