If the Commissioner finds a person engaged in unfair or deceptive practices, what is the maximum possible fine for each violation?

If the Commissioner finds a person engaged in unfair or deceptive practices, what is the maximum possible fine for each violation?

• A. $500
• B. $2,500
• C. $25,000
• D. $5,000

Answer: (C)

The maximum possible fine for each violation when a person is found engaged in unfair or deceptive practices, as determined by the Commissioner, is $25,000. This amount reflects the seriousness of these violations within the context of regulatory oversight in Connecticut. The higher penalty underscores the intention to deter such practices and holds individuals or companies accountable for their actions that may harm consumers or undermine fair competition. It reinforces the regulatory framework aiming to protect the integrity of the insurance market and maintain public trust in these services.

The maximum possible fine for each violation when a person is found engaged in unfair or deceptive practices, as determined by the Commissioner, is $25,000. This amount reflects the seriousness of these violations within the context of regulatory oversight in Connecticut. The higher penalty underscores the intention to deter such practices and holds individuals or companies accountable for their actions that may harm consumers or undermine fair competition. It reinforces the regulatory framework aiming to protect the integrity of the insurance market and maintain public trust in these services.