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Session Laws, 1996
Volume 794, Page 293   View pdf image
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PARRIS N. GLENDENING, Governor

Ch. 11

(F)     PENALTIES.

(1)      IN ADDITION TO ANY OTHER APPLICABLE PENALTY PROVIDED IN
THIS ARTICLE, A PERSON THAT VIOLATES SUBSECTION (E) OF THIS SECTION IS
GUILTY OF A MISDEMEANOR AND ON CONVICTION IS SUBJECT TO A FINE NOT
EXCEEDING $50,000 OR IMPRISONMENT NOT EXCEEDING 3 YEARS OR BOTH.

(2)     IN ADDITION TO ANY OTHER APPLICABLE PENALTY PROVIDED IN
THIS ARTICLE, A PERSON THAT VIOLATES SUBSECTION (C) OF THIS SECTION IS
SUBJECT TO A CIVIL PENALTY NOT EXCEEDING $50,000.

(G)    CEASE AND DESIST ORDER.

THE COMMISSIONER MAY ISSUE A CEASE AND DESIST ORDER IN ACCORDANCE
WITH § X-XXX OF. THIS ARTICLE [48A § 215] AGAINST A PERSON THAT VIOLATES
SUBSECTION (C) OR SUBSECTION (E) OF THIS SECTION.

REVISOR'S NOTE: This section is new language derived without substantive
change from former Art. 48A, § 58A(a), (b), (c), (d), and (e).

In subsection (a) of this section, former Art. 48A, § 58A(a)(3), which stated
that the word "impaired" has "the same meaning as 'impairment' or
'insolvency' under [former] § 132(1) of this article", is deleted in light of the
defined term "impaired insurer" in § 9-201 of this subtitle.

In subsection (e)(2) and (5) of this section, the reference to a "delinquency
proceeding" is substituted for the former reference to "any proceeding
pursuant to Subtitle 10 of this article" for brevity and to reflect that former
Subtitle 10 of Art. 48A is revised as this subtitle.

In subsection (g) of this section, the reference to the authority of the
Commissioner to issue a "cease and desist order" is substituted for the former
reference to "the penalties specified in § 215 of this article" to clarify the
specific type of penalty the Commissioner was authorized to impose under
former Art. 48A, § 215.

Defined terms: "Commissioner" § 1-101
"Delinquency proceeding" § 9-201
"Impaired insurer" § 9-201
"Insurer" § 1-101
"Person" § 1-101
"Receiver" § 9-201
"Transfer" § 9-201

9-232. RECEIPT OF PREMIUM AFTER INSOLVENCY.

A DIRECTOR OR OFFICER OF AN INSURER, ASSOCIATION, OR FRATERNAL
BENEFIT SOCIETY THAT RECEIVES A PREMIUM OR ASSESSMENT ON BEHALF OF THE
INSURER, ASSOCIATION, OR FRATERNAL BENEFIT SOCIETY AND, AT THE TIME OF
RECEIPT, KNOWS THAT THE INSURER, ASSOCIATION, OR FRATERNAL BENEFIT

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Session Laws, 1996
Volume 794, Page 293   View pdf image
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