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Session Laws, 1999
Volume 796, Page 4040   View pdf image
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MISLEADING AND AS CONTAINING THE MOST ACCURATE INFORMATION AVAILABLE
AT THE TIME OF THE SUBMISSION OF THE REPORT.

(F) THE COMMISSIONER MAY WAIVE PENALTIES AND FINES IMPOSED BY
THIS TITLE FOR THOSE INSURERS THAT, THROUGH NO FAULT OF THEIR OWN, WERE
UNAWARE THAT THEY, OR MEMBERS OF A HOLDING COMPANY SYSTEM THAT
INCLUDES THE INSURER WERE OBLIGATED TO FILE REPORTS UNDER THIS TITLE
AND TO COMPLY WITH THIS TITLE.

(G) THE COMMISSIONER IS AUTHORIZED TO USE ANY POWER AVAILABLE TO
THE STATE TO COMPEL HOLDING COMPANY SYSTEMS THAT INCLUDE ISSUERS OF
INSURANCE POLICIES TO HOLOCAUST VICTIMS TO SUBMIT REPORTS UNDER THIS
TITLE AND TO COMPLY WITH THIS TITLE.

(H) (1) AN INSURER THAT KNOWINGLY OR RECKLESSLY FILES A FALSE OR
MISLEADING CERTIFICATION REQUIRED BY THIS SECTION IS SUBJECT TO A FINE OF
NOT LESS THAN $100,000 OR A GREATER AMOUNT AS THE COMMISSIONER
CONSIDERS APPROPRIATE BASED ON THE DEGREE OF MISREPRESENTATION, THE
WILLFULNESS OF THE MISCONDUCT, AND THE AMOUNT OF FUNDS
MISAPPROPRIATED.

(2) THE INSURER ALSO MAY BE BARRED FROM FURTHER SALES OF
INSURANCE IN THE STATE FOR A PERIOD OF UP TO 10 YEARS.

28-106.

(A) ON OR BEFORE DECEMBER 1, 1999, AND THEN ON DECEMBER 1 FOR EACH
OF THE SUCCEEDING 10 YEARS, THE COMMISSIONER SHALL REPORT TO THE
GOVERNOR AND, SUBJECT TO § 2-1246 OF THE STATE GOVERNMENT ARTICLE, THE
GENERAL ASSEMBLY THE FOLLOWING INFORMATION:

(1) THE PROGRESS OF THE INTERNATIONAL COMMISSION IN
RECEIVING, INVESTIGATING, AND RESOLVING INSURANCE CLAIMS OF HOLOCAUST
VICTIMS; AND

(2) THE STATUS OF ANY REPORTS THAT INSURERS WERE DIRECTED TO
FILE UNDER § 28-105 OF THIS TITLE.

(B) THE COMMISSIONER'S REPORT UNDER THIS SECTION SHALL INCLUDE:

(1) THE NUMBER OF INSURERS AUTHORIZED TO DO BUSINESS IN THE
STATE AND THE NUMBER OF OTHER INSURERS THAT MAY BE IN THE SAME HOLDING
COMPANY SYSTEM AS AN AUTHORIZED INSURER THAT COULD POSSIBLY BE
EXPECTED TO HAVE ISSUED AN INSURANCE POLICY TO A HOLOCAUST VICTIM
BETWEEN JANUARY 1, 1920, AND DECEMBER 31, 1945;

(2) THE APPROXIMATE NUMBER AND TOTAL VALUE OF ALL INSURANCE
POLICIES ISSUED TO HOLOCAUST VICTIMS BETWEEN JANUARY 1, 1920, AND
DECEMBER 31, 1945, THAT, AS OF THE DATE OF THE REPORT, REMAIN UNPAID OR
WERE PAID TO, OR EXPROPRIATED BY, A GOVERNMENT LOCATED IN AREAS UNDER
NAZI INFLUENCE THAT WAS NOT THE NAMED BENEFICIARY OF THE INSURANCE
POLICY;


 

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Session Laws, 1999
Volume 796, Page 4040   View pdf image
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