What is the maximum fine for failure to cooperate with the Commissioner regarding examinations or hearings?

The maximum fine for failure to cooperate with the Commissioner regarding examinations or hearings is set at $25,000. This significant penalty underscores the importance of compliance and transparency in the insurance industry. It serves as a deterrent against non-compliance and emphasizes the regulatory authority of the Commissioner to ensure that insurance practices operate fairly and according to the law.

Further illustrating why this penalty is set at this level, the regulatory framework is designed to protect consumers and maintain the integrity of the insurance market. Non-cooperation can lead to serious implications for both the regulatory body and the industry as a whole, hence the imposition of such a considerable fine to reinforce the seriousness of the obligation to participate during examinations or hearings.